1 week ago
Dubai: Dubai bourse’s main index gained on Monday, as real estate stocks got a brief relief after earlier declines, while banking stocks in Abu Dhabi drove the emirate’s benchmark higher.
The Dubai Financial Market (DFM) index rose 0.7 per cent at 2,705.47, while Abu Dhabi’s ADX was up 1 per cent at 5,091.28 points.
The Dubai index was driven by a 1.2 per cent jump in real estate giant Emaar Properties and its unit Emaar Development spiking 2.5 per cent. The benchmark representing other property peers was up 1.4 per cent.
In Abu Dhabi, Abu Dhabi Commercial Bank leapt 3.1 per cent while market heavyweight First Abu Dhabi Bank opened up 0.3 per cent.
The key index in Saudi Arabia fell 0.3 per cent, with Al Rajhi Bank dropping 1.3 per cent. The index rose for five straight sessions last week, as banking stocks rose on reports that lending spiked since Saudi Aramco marketed its initial public offering (IPO) to Saudi nationals.
“Concerns over the Saudi Aramco IPO draining liquidity led to SAMA governor, Ahmed al-Kholifey, making reassurances that there was no problem at the banks,” wrote Daniel Marc Richards, MENA Economist at Emirates NBD.
The kingdom’s central bank governor said on Sunday that the central bank was monitoring the situation and would inject liquidity if necessary, adding that the country’s banking sector continues to enjoy a high level of liquidity.
Dubai: Port operator DP World said on Monday it listed a total of two sukuk and two conventional bonds on Nasdaq Dubai this year with a total value of $2.3 billion.
Sultan Ahmed Bin Sulayem, Chairman and Chief Executive Officer of DP World, rang the market-opening bell at Nasdaq Dubai on Monday to celebrate the listings of the Islamic bonds and conventional bonds, the company said in a statement.
The listings, carried out during 2019, comprise two sukuk of $1 billion and $500 million, and two conventional bonds of $500 million and $300 million.
DP World listed $1 billion sukuk and $300 million conventional bond in July, which followed the listing of $500 million sukuk and $500 million conventional bond in September. DP World is the largest UAE debt issuer by value on the region’s international exchange, where its sukuk and conventional bonds listings now total over $9 billion.