Middle East Equities: Aldar Helps Abu Dhabi Index; the other Gulf markets have changed little
(Reuters) – The Abu Dhabi stock exchange rose on Tuesday, driven by gains from property developer Aldar Properties ALDAR.AD, while the other major Gulf markets have changed little.
The Abu Dhabi Index .ADI gained 0.5%, boosted by a 4.7% jump in Aldar which on Monday saw its biggest intraday gain in nearly six years after announcing it would resume management and development of government investment projects worth 30 billion dirhams ($ 8.17 billion) under a deal with state-backed ADQ.
Abu Dhabi’s leading bank FAB.AD apartment negotiated. In the previous session, the UAE’s largest lender reported a 19% drop in quarterly profits, driven by double-digit decline in net interest income and higher depreciation charges.
Saudi Arabia’s benchmark .TASI edged up 0.1%, helped by a 0.6% rise in oil giant Saudi Aramco 2222.SE and a 0.4% increase in petrochemicals maker Saudi Basic Industries 2010.SE.
The kingdom’s Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.
“I guess the worst is over,” he told the Virtual India Energy Forum by CERAWeek when asked to comment on the state of the oil market recovery.
Dubai’s main stock index .DFMGI down 0.3%, penalized by the 0.6% drop in Emirates NBD Bank ENBD.DU and a 0.2% drop in Sharia-compliant lender Dubai Islamic Bank DISB.DU.
In Qatar, the index .QSI fell 0.1%, with Qatar Islamic Bank QISB.QA lose 0.9%.
Reporting by Ateeq Shariff in Bangalore; Editing by Mike Harrison