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Sun 19 Apr 2020 11:26 AM

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Dubai leads Middle Eastern stock gains after EM rally on Friday

Dubai's DFM General Index climbed 2.6 percent as of Sunday morning

Dubai leads Middle Eastern stock gains after EM rally on Friday

Dubai’s DFM General Index climbed 2.6 percent as of 10:07am. local time, while gauges in Abu Dhabi and Kuwait advanced as much as 1.5 percent. Image: AFP

Middle Eastern stocks rose on Sunday following a rally in emerging-market assets at the end of last week as the US outlined steps to reopen its coronavirus-shuttered economy.

Dubai’s DFM General Index climbed 2.6 percent as of 10:07am. local time, while gauges in Abu Dhabi and Kuwait advanced as much as 1.5 percent. MSCI Inc.’s index of developing-nation stocks strengthened 1.9 percent on Friday.

In the Gulf, Oman’s Bank Muscat reported net income of 33.3 million rials ($86m) for the first quarter, a decline of 27 percent versus the same period last year, after the lender took precautionary provisions because of the virus and the drop in oil prices.

In Dubai, Mashreqbank posted net income of AED450m ($123m), down 28 percent from a year earlier.

Other companies expected to deliver numbers this week include Dubai’s Emirates NBD Bank PJSC, Saudi Telecom Co., and Qatar Electricity & Water Co.

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