UAE stocks surge on strong corporate earnings

UAE stocks surge on strong corporate earnings

Most other GCC stock markets also recorded positive performances thanks to strong performances from listed companies that helped build investors’ confidence

The ADX General closed 0.8 per cent up at 10,198 points. The market rose for the fourth day, driven by International Holding Company, which jumped by 3.3 per cent. — File photo

Published: Wed 10 Aug 2022, 7:39 PM

Stock markets in the UAE ended higher on Wednesday with the Abu Dhabi index reaching a record high driven by strong corporate earnings.

The ADX General closed 0.8 per cent up at 10,198 points while Dubai’s DFM General Index advanced to 3,385.80.

Most other GCC stock markets also recorded positive performances thanks to strong performances from listed companies that helped build investors’ confidence.

Vijay Valecha, chief investment officer of Century Financial, said the ADX General rose for the fourth day, driven by International Holding Co, which jumped by 3.3 per cent. National Marine Dredging Company had the largest increase, rising 8.8 per cent.

In Dubai, Emaar Properties contributed the most to the index gain, increasing 1.1 per cent. Union Properties had the largest increase, rising 2.9 per cent.

Farah Mourad, a senior market analyst of XTB Mena, said the Dubai stock market was volatile after two days of