Aramex drives #Dubai bourse higher, #Saudi at 15-year high | Reuters

Aramex drives Dubai bourse higher, Saudi at 15-year high | Reuters

Dubai's stock market ended higher on Wednesday, outperforming its Gulf peers, led by a surge in logistic firm Aramex, while the Saudi index extended gains a day after hitting a 15-year peak.

Dubai's main share index (.DFMGI) finished 1.4% higher, with Aramex (ARMX.DU) soaring 14.9%, its biggest intraday gain since Jan. 2009, after a direct deal worth 1.41 billion dirhams ($383.90 million) for its 295 million shares.

On Tuesday, Aramex also said it was resuming deliveries to-and-from the UAE and Doha. read more

Saudi Arabia, the UAE, Bahrain and Egypt agreed in January to end a dispute that had led them to sever ties with Qatar in 2017 over accusations that Doha supported "terrorism" - a reference to Islamist groups. Doha had denied the charges.

Elsewhere, Emirates NBD Bank (ENBD.DU) added 0.7% after reporting a 61% jump in third-quarter earnings, helped by a recovering economy and demand for retail financing surged. read more

Emirates Integrated Telecommunications (DU.DU) declined 2.8%, following a steep fall in quarterly profit.

Saudi Arabia's benchmark index (.TASI) climbed 0.9%, with Al Rajhi Bank (1120.SE)adding 1.6% and Sahara International Petrochemical Company (Sipchem) (2310.SE) jumping 10%, after posting a strong quarterly profit.

"The market is supported by the strong oil demand and the improving sanitary conditions," said Wael Makarem, senior market strategist at Exness.

In Abu Dhabi, the index (.ADI) eased 0.2%, hit by a 0.9% fall in the United Arab Emirates' largest lender First Abu Dhabi (FAB.AD).

But Emirates Telecommunications Group (ETISALAT.AD) gained 0.3%, as the telecoms firm signed an agreement with Group42 to create the largest data centre provider in the UAE.

Separately, Fertiglobe said its initial public offering was priced at 2.55 dirhams a share, and it was expecting to raise around $795 million for its shareholders. read more

Its shares are expected to list on the Abu Dhabi stock market on Oct. 27, the statement said.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.6%, extending losses from the previous session when it snapped a 10-day winning streak on profit taking.

Egypt's e-finance for Digital and Financial Investments (EFIH.CA) soared 50.2% on its debut, in a boost for the country's ambitious privatisation plans that could see several state enterprises go public in the coming years.