The performance of the Abu Dhabi market dominated the Gulf stock markets at the beginning of trading today, supported by the rise in oil prices and positive Chinese economic data, while the performance of the rest of the region’s markets varied.
AchieveAbu Dhabi Securities MarketThe best performance among Gulf stock markets in early trading on Monday, supported by rising oil prices and positive Chinese economic data.
The main index jumped inAbu DhabiBy 6.2%, recording the highest increase during a trading day in about four years. This rise is mainly due to the rise in the shares of the E7 Group (4.6%) and the National Marine Dredging Company (1.5%), in addition to the rise in the shares of First Abu Dhabi Bank (1.4%), the largest bank in the Emirates.
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Mazen Salhab, chief market strategist for the Middle East and North Africa at BD Suisse, attributed this performance to the rise in commodity prices, which gave momentum to the E7 Group and the National Marine Dredging Company, which relies on energy and construction.
This increase comes after conducting a semi-annual review of the index that was launched in cooperation with FTSE Russell, where 3 companies were added to the index without any exclusion. The stocks added include A7 Group, Investcorp Capital, and Phoenix Corp.
The main index in Qatar rose 0.3%, supported by the rise in Qatar Gas Transport shares (2%) and Industries Qatar shares (0.5%). While the main index in Saudi Arabia fell 0.2%, and the main index in Dubai fell 0.4%.
