Shares in Abu Dhabi and Dubai went in opposite directions on Monday, as global equities were lifted by buoyant US sentiment.
The S&P 500 in New York was poised to hit an all-time high during Monday’s trading, buoyed by last week’s better-than-expected US payroll data. Such sentiment lifted global stocks, as uncertainties over Brexit continued to fade.
The Euro Stoxx 50 was up by about 1.3 per cent in late afternoon trading, with the FTSE 100 up by about 1 per cent to its highest level since August last year.
Sterling initially slipped against the US dollar, but regained ground.
Stocks across the Arabian Gulf finished in largely positive territory. Bloomberg’s GCC 200 Index closed at its highest level in nearly two months, thanks to a 1.4 per cent gain in the Qatar Exchange.
The Dubai Financial Market General Index closed up for its fifth consecutive day, the index’s longest winning streak since late last month, adding 0.2 per cent at 3,392.90.
Emaar Properties and Emirates NBD were the main gainers among blue chips, finishing up by 1.4 per cent and 1.2 per cent respectively.
Arabtec Holding shares, which surged 5.5 per cent on Sunday, retreated by 1.9 per cent to Dh1.48. The construction company’s shares accounted for more than a quarter of traded shares on Dubai’s headline index.
Abu Dhabi shares bucked the wider trend and ended down 0.6 per cent to 4,540.27, as losses by FGB and NBAD cancelled out gains by Etisalat and Abu Dhabi National Hotels.
jeverington@thenational.ae
Follow The National's Business section on Twitter
