UAE markets continue rising trend

dubai — UAE markets on Sunday sustained its upward trend as both Dubai and Abu Dhabi closed in positive territory.

Dubai’s main index closed 0.2 per cent higher at 2,531.35 points as Dubai Islamic Bank added 1.4 per cent and Emirates NBD gained 0.6 per cent. Damac Properties rose 1.3 per cent.

In Abu Dhabi, the index rose 0.1 per cent to 4,904.10 points with First Abu Dhabi Bank up 0.6 per cent and Dana Gas gaining 1.7 per cent.

Saudi Arabia’s stock market rose due to positive investor sentiment, higher oil prices and solid gains by blue-chips, led by Al Rajhi Bank, which announced a capital increase.

Oil rose nearly 2 per cent on Friday after proposed US-China trade talks eased some fears about a global economic slowdown.

The Saudi index, the Middle East’s biggest, rose 1.3 per cent to almost a three-week high.

Al Rajhi, the kingdom’s secondlargest lender by assets, jumped 5.1 per cent amid heavy trade after it announced plans to increase capital to SR25 billion ($6.7 billion) from SR16.25 billion.

Petrochemical giant Sabic rose 1.4 per cent, Saudi Arabian Mining jumped 3.3 per cent, and the Gulf’s largest dairy firm Almarai jumped 5 per cent.