Most Gulf bourses end higher as Abu Dhabi hits record peak, Dubai dwindles

Most Gulf bourses end higher as Abu Dhabi hits record peak, Dubai dwindles

On Sunday, a swathe of major Gulf stock indices had closed out the session sharply higher with Abu Dhabi hitting a record high, however, Dubai spanned its latest leg of losing run amid a sustenance in profit-taking frenzy.

In point of fact, in the day’s havoc-scale gains in major Mid-east bourses had almost entirely galvanized by a sharp shoot-up in petrochemical stocks, as both US and Brent crude oil futures’ prices had soared more than 2.0 per cent on Friday, though, both benchmarks had winded up the week in red inks amid a profit taking wave.

On top of that, a much-awaited lift of international travel bans in the world’s first- and third-largest economies such as United States alongside Japan, respectively, with UAE further easing travel restrictions for more countries, had ramped up optimisms over a mass-scale improvement in global business landscape.







Gulf stocks shelve lofty gains

Citing statistics, in the day’s Gulf market wind-down, Saudi’s benchmark index gained as much as 1.0 per cent with petrochemical manufacturer SABIC (Saudi Basic Industries Corp) advancing 1.7 per cent, while credit rating agency Moody’s had upgraded Saudi’s outlook to ‘stable’ from a previous ‘negative.’ Though,