Business

Abu Dhabi stocks outsmart GCC peers

Abu Dhabi stocks outsmart GCC peers

Dubai: Abu Dhabi stocks expanded their gains on Sunday to start the new week from where it left off the last one, enhancing its position as the year's top gainer among the GCC countries.

Abu Dhabi Securities Exchange ended the higher by 0.2 per cent to trade at 5,953 points extending its run of gains for a sixth session, which helped the index amass an impressive 18 per cent of gains for the year.

The market has by far outperformed other GCC peers on year-to-date basis with Saudi Arabia's benchmark index up around 15 per cent and Kuwait premier index higher by 5.5%. And while Dubai Financial Market moved upward by a more than 2 per cent, Qatar Exchange and Oman's 30-company index traded roughly unchanged. Bahrain shares dipped 2.1 per cent.

Boost form acquisition plan

Sunday's advances were led by top gainers Gulf Cement and Arkan Building Materials. Abu Dhabi Aviation notched up 3 per cent after it revealed its plan to fully acquire Falcon Aviation Services in a move designed to expand assets and support the topline. The expansion plan comes after its profits and revenues took a hit last year from the virus impact on businesses.

International Holding closed the session up 2.5 per cent to trade at Dh66.4, keeping the growth momentum going for a ninth straight day. The stock is up 58 per cent for the year to become the second top gainer on the index as investor appeared to cheer its growth model. This year, the firm launched a new facility that will cater to a quarter of UAE's seafood needs, its unit Zee Stores acquired 60 per cent of Royal Horizon Holding to enter the retail food space among other deals. It all comes on top of massive gains and revenues it reported for the last year.

Lacking dividend

Dubai Financial Market ticked down 0.3 per cent at 2,550 points with losses spread over the sectors. The emirate's top developer Emaar Properties shed 0.6 per cent and its subsidiary Emaar Development gave up 1.6 per cent. However, the stock that acted as the biggest single-drag on the index was telco du, which headed lower by 3 per cent as the investors buying it today are going to have no claims over its last declared dividends.