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Dubai, Abu Dhabi lead GCC stock market gains

Dubai - Markets gained on hopes that the Opec+ will reach a deal on production cuts.

Most of the GCC stock markets started the week on a positive note, led by gains on the UAE bourses.

The regional markets extended their gains on Sunday, hoping that the Opec+ will reach some sort of a deal on the production cuts, while increased recoveries of coronavirus cases in the UAE also boosted sentiment among investors on Saturday.

Dubai Financial Market General Index jumped over 3.27 per cent to 1,889.5 points, helped by gains in Emaar Properties, Emirates NBD, Gulfa and Dubai Islamic Bank.

Abu Dhabi stock exchange rose 4.12 per cent to 4,129.5 points on the back of gains in food and beverage company Agthia, Abu Dhabi Commercial Bank, Aldar Properties and Abu Dhabi Islamic Bank shares.

Saudi Arabia, the region's largest bourse, was down 0.8 per cent to 6,949 points.

Oman's Muscat Securities Market was up 0.1 per cent to 3,475.8 points in the morning trade. Boursa Kuwait fell at the opening of the trade but recovered later and was up 0.5 per cent to 4,934 points. Bahrain Bourse was also trading in positive territory, rising 0.23 per cent, while Qatar was down by 0.22 per cent.

waheedabbas@khaleejtimes.com