Mid-cap buying boosts Dubai, Gulf markets mixed

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Heavy buying of mid-cap stocks pushes Dubai above 2,100 points to its highest close since November 2009, while other Gulf markets are mixed.

Dubai's index climbs 1.6 percent to 2,109 points, its sixth successive gain. The market has risen 8.2 percent in that time.

Mid-caps support gains, with Drake and Scull soaring 7.7 percent in its highest one-day jump in more than two years. Nearly 137.5 million of its shares change hands, also a one-day record for the last 24 months.

Dubai Islamic Bank (DIB) climbs 5.3 percent and Dubai Investment Co jumps 4.4 percent.

"Retail investors have been targeting the mid-caps recently like Drake and Scull, DIB and Air Arabia on the back of the general recovery in Dubai and on Q1 numbers," says Julian Bruce, director of institutional equity sales at EFG Hermes.

In Abu Dhabi, the measure dips 0.3 percent to 3,278 points, snapping a five-session winning streak as investors take profits on bank stocks.

Abu Dhabi Islamic Bank slides 1.5 percent and Abu Dhabi Commercial Bank drops 1.1 percent.

Qatar's benchmark ends 0.5 percent higher at 8,637 points and Kuwait's index closes up 1 percent at 7,363 points.

Egypt's measure climbs 0.3 percent 5,237 points, while Saudi Arabia slips 0.4 percent to 7,121 points.

Related:

Market Performance

Drake and Scull International
1.03
0.02 1.98 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Most Discussed