High dividend yield announcement in Dubai leads to a surge in Emaar Development’s stock.
On Monday, most Gulf stock markets closed higher, ignoring a drop in oil prices, with Dubai leading the gains following the largest-ever intraday increase in Emaar Development, while the Egyptian index continued its downward trend. Oil prices, which have a significant impact on Gulf economies, fell on Monday, with Brent crude futures trading down $1.30, or 1.5%, at $84.53 a barrel at 1210 GMT.
According to Farah Mourad, senior market analyst at XTB MENA, concerns about demand could impact oil prices after China set lower-than-expected growth targets. The Federal Reserve and the European Central Bank are also expected to adopt more hawkish monetary policies, further impacting oil prices.
Saudi Arabia’s benchmark index ended 0.4% higher, extending its rally to a fifth session, with gains in healthcare and banking stocks. Dr. Sulaiman Al-Habib Medical Services increased 1.7%, while Riyad Bank climbed 2.5%.
Dubai’s main share index climbed 1.1%, boosted by a 14.9% surge in Emaar Development, its biggest intraday gain ever. The surge added 2.9 billion dirham ($789.67 million) to the company’s market value. The real estate developer announced a cash dividend of 52 fils per share for the fiscal year 2022 on Monday. The road tolls operator Salik also rose 4.7%.
Abu Dhabi’s share index rose 0.9%, its fifth positive day in a row, boosted by a 1.4% hike in UAE’s top lender, First Abu Dhabi Bank. Conglomerate International Holding Co (IHC) gained 0.8% as it intends to invest in Presight AI Holding’s initial public offering (IPO). IHC’s unit Alpha Dhabi Holding also advanced more than 4%.
The Qatari index, which traded after a session’s break, gained 0.7%, with most of its constituent stocks moving in positive territory, including petrochemical maker Industries Qatar, which was up 1.4%.
Outside the Gulf, Egypt’s blue-chip index closed slightly lower at 0.1%, extending its losses to a third consecutive session, with Egypt Kuwait Holding shedding 2.6%.
Despite the drop in oil prices, Gulf stock markets were largely unaffected, with most markets ending higher. The surge in Emaar Development’s share price, driven by its announcement of a cash dividend of 52 fils per share for the fiscal year 2022, added billions of dirham to the company’s market value. The market gains were also driven by positive performances in healthcare and banking stocks.
Saudi Arabia’s benchmark index continued its rally for a fifth consecutive session, with Dr. Sulaiman Al-Habib Medical Services and Riyad Bank posting gains. Dubai’s main share index rose by 1.1%, with Emaar Development’s surge being a significant contributor. Abu Dhabi’s share index rose by 0.9% for its fifth positive day in a row, driven by gains in First Abu Dhabi Bank and IHC’s announcement of an investment in Presight AI Holding’s IPO.
The Qatari index, which resumed trading after a session’s break, gained 0.7%, with most of its constituent stocks posting gains, including Industries Qatar, a petrochemical maker. Egypt’s blue-chip index, however, extended its losses to a third consecutive session, shedding 0.1%, with Egypt Kuwait Holding posting losses.
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