Dubai outperforms major Gulf bourses, hits near 4-year high

Nov 16 (Reuters) – Dubai’s stock market outperformed in early trade on Tuesday, reaching its highest in nearly four years, as a slew of upbeat corporate earnings boosted the index.

Dubai’s main share index (.DFMGI) gained 0.8%, buoyed by a 12.1% surge in Dubai Financial Market (DFM.DU) — on course to gain for a tenth session in twelve.

Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse. read more

Dubai plans to list its “Salik” road toll system on the Dubai Financial Market, the emirate’s deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday. read more

Emaar Properties (EMAR.DU) advanced 2.4%, a day after the developer’s founder said plans to sell 50% of Namshi app to foreign and local investors.

On Sunday, Emaar reported quarterly net profit of 1.02 billion dirhams ($277.75 million), up from 359 million dirhams year ago.

Among other gainers, Deyaar Development (DEYR.DU) jumped 15% and Amlak Finance (AMLK.DU) surged 14.8%.

Saudi Arabia’s benchmark index (.TASI) fell 0.2%, hit by a 1.1% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.1% decrease in Al Rajhi Bank (1120.SE).

The kingdom’s consumer price index increased by 0.8% in October from a year earlier and was 0.2% higher on the month, government data showed on Monday.

Oil rebounded from a weak start as worries over tight inventories underpinned prices, although optimism was limited by fears over demand due to a pickup in COVID-19 cases in Europe.

The Abu Dhabi index (.ADI) eased 0.1%, hit by a 0.6% rise in conglomerate International Holding (IHC.AD).

In Qatar, the index (.QSI) added 0.1%, helped by a 0.7% rise in Qatar Fuel Co (QFLS.QA).

Qatar Stock Exchange on Monday announced the launch of the ESG tradable index in collaboration with MSCI.

($1 = 3.6724 UAE dirham)Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

This article was originally published by Reuters.