UAE’s stock markets rise on financials and property shares – Gulf Today

UAE’s stock markets rise on financials and property shares – Gulf Today

UAE's stock markets rise on financials and property shares

an hour ago

Emiratis work on the floor of the Dubai Financial Market. Dubai reopened its Dubai Financial Market stock exchange on Tuesday after closing its floor due to the coronavirus pandemic. Associated Press

The United Arab Emirates stock markets closed higher on Tuesday, led by financials and property shares. Dubai's main share index gained 0.5%, led by a 1.5% rise in blue-chip developer Emaar Properties and a 0.5% gain in Emirates NBD Bank.

Amlak Finance surged 14.6%, its biggest intraday gain since Dec. 2019, after signing an agreement with Dubai Land Department allowing customers to invest in properties listed by the firm.

The Abu Dhabi index rose 0.5%, with the country's largest lender First Abu Dhabi Bank rising 0.9%, while Abu Dhabi Islamic Bank added 1.3%, a day after the sharia-compliant lender said it had raised its foreign ownership limit to 40% from 25%.

The blue-chip index in Egypt slipped 0.3%, ending three sessions of gains, hurt by a 3.8% decline in tobacco monopoly Eastern Company.     Saudi Arabia's benchmark index edged up 0.1%, helped by a 0.8% increase in oil giant Saudi Aramco and a 3% gain in Abdullah Al Othaim Markets.

Meanwhile, global