Dubai leads Gulf bourses higher

Dubai shares led five out of seven Gulf markets higher yesterday, boosted by banks after a positive Goldman Sachs report on the UAE banking sector. Only Doha and Bahrain markets ended in the red.
Deyaar Development’s shares ended up 1.7% to 2.37 dirhams on the Dubai market, itself up 2.3% to 5711.98 at close.

Deyaar’s shares were up ahead of a board meeting yesterday to appoint a new chief executive after its former CEO was jailed and is being investigated for embezzlement. The board was expected to also look into the resignation of two board members. Deyaar shares were down 0.9% on Thursday and have fallen almost 19% this year till date.

Amlak Finance was the top riser, up 7% to 4.91 dirhams, followed by Tamweel, up 6.8% to 8.36 dirhams.

Goldman Sachs in an April 17 report on UAE banks said real estate represents a substantial opportunity for them, adding that Tamweel and Amlak, two large Islamic mortgage finance companies, control around half of the market.

Abu Dhabi market closed up 1.8% to 5000.07, a near 27-month high.
Banks lead UAE markets higher after the Goldman Sachs report said that earnings growth will remain strong in the medium term as banks continue to benefit from an exceptionally supportive economic environment.

The Saudi market closed up 0.3% to 9521.61, after trading lower intraday.
Samba Financial Group rose 0.9% to 82 riyals and Al Rajhi Bank gained 0.3% to 85.25 riyals.
Bellwether Saudi Basic Industries Corp (Sabic), slid 2.9% to 153 riyals, paring overall gains. Sabic said on Saturday its first-quarter net profit rose 10% to 6.92bn riyals from a year earlier on growth in sales.

The Kuwait market closed up 0.1% to 14783.10, led by service sector shares.
The weighted index ended in the red as investors revalued blue chip companies.
Bahrain shares were down 0.4% to 2853.11 at close, undermined by investment firms.
The Muscat stock market closed up 0.4% to 11140.79, led by industrials. (Zawya Dow Jones)