Financial markets in the Gulf countries entered the new week and months optimistically. Major stock exchanges strengthened, with banking and development titles in particular leading the growth.
The main index on the Dubai Stock Exchange rose nearly two percent on Monday. Shares of the development company Emaar Properties recorded their biggest daily gain, adding 3.8 percent. Notional silver was taken by Dubai Islamic Bank, whose shares firmed 2.4 percent. Behind the optimism for development titles was the news that dubai’s property prices had fallen at a slower pace than expected, fueling positive expectations for a recovery in the country’s economy.
Shares in Abu Dhabi rose more than one percent, thanks largely to First Abu Dhabi Bank, which rose 1.2 percent. Abu Dhabi Commercial Bank also added less than a percentage point, despite reporting a lower-than-expected profit last year.
Other stock exchanges in the region also headed up on Monday. The Riyadh stock market rose marginally, up 0.1 percent, as did shares in Qatar. In both cases, bank titles dragged the market up.
