Abu Dhabi, UAE – UAE stock markets Monday continued to capitalize on improved investor sentiments, with blue-chip communication stocks leading the gainers in the Capital’s bourse, and giant property Emaar driving the Dubai Financial Market’s best performance in a month.
In Abu Dhabi, Index FADGI closed 0.752 percent higher at 9,501.150 pts, buoyed by robust trading over telecom firms, including Sudan’s SUDATEL, 11.810 percent up, Qatar’s QTEL, 10.890 percent and Etisalat, 3.350 percent up.
Abu Dhabi Islamic Bank also maintained its favorable performance, closing up 5.010 percent at AED10.480. Property giant Aldar also closed 2.8 percent up at AED4.780.
In Dubai, property blue-chip Emaar led the rally, closing 3.21 percent up at AED5.780, with Emaar Development following suit, ending the session higher 1.090 percent at AED5.570.
The emirate’s main lender, EmiratesNBD contributed to the favorable performance, closing 1.52 percent higher at AED13.35.
Saudi Arabia, as per the report, was the best-performing GCC market during the month with a gain of 4.8 percent following a steep recovery during the second half of the month.
The Muscat Stock Exchange (MSX) was the second-best performing market in the GCC for the second consecutive month in March 2023. The MSX30 index recorded a monthly growth of 2.3 percent in March to close the month at 4,863.09 points.