Gulf stock markets ended higher on Wednesday, as solid growth in Chinese manufacturing activity revived investors' sentiment. China's manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, adding to hopes that a recovery in the world's top crude importer can offset a global slowdown and increase oil demand.
The benchmark index in Saudi Arabia ended 0.9% higher, extending its rally to a second session. The index was lifted by gains in financial and health care sectors, with the world's largest Islamic bank by assets, Al Rajhi Bank, climbing 2.6% and Riyad Bank surging 5.4%. Shares of petrochemical maker Methanol Chemicals fell 1.7% after it reported a 15% decrease in full-year profit.
In Abu Dhabi, the index rose 0.1%, extending its gains to a second session. The index was helped by a 2.4% rise in Abu Dhabi Islamic Bank and a 0.6% gain in Alpha Dhabi Holding. Emirates Insurance leaped nearly 15% after proposing 50 fils per share in annual dividend. Abu Dhabi Aviation surged 11%, the highest intraday rise since Oct. 20, after the helicopter operator said its board would discuss ADQ offer and seek shareholders' nod.
In October, Abu Dhabi sovereign wealth fund ADQ said it had made an offer to take a controlling stake in Abu Dhabi Aviation and merge it with ADQ stakes in Etihad Engineering, AMMROC and GAL to create a "globally competitive aviation business".
Dubai's benchmark index ended 0.3% higher, helped by gains in industry, real estate and financial sectors. Tolls operator Salik rose 3% and blue-chip developer Emaar Properties gained 0.9%.
The Qatari index ended flat, with Barwa Real Estate rising 2.6% and the Gulf's largest lender Qatar Islamic Bank declining 1.5%. Outside the Gulf, Egypt's blue-chip index added 0.7%, ending its two-session losses, with most sectors in the positive territory. Commercial International Bank and Misr Fertilizers climbed 2% and 3.5%, respectively.
Shares of El Sewedy Electric gained 2.4% after the cables and electricals maker reported a 79% rise in Q4 consolidated profit.
No comments:
Post a Comment