Abu Dhabi outshone Gulf stock markets in early trade on Monday, as a rise in oil prices and stronger-than-expected Chinese economic data lifted investor sentiment.
China's factory output and retail sales in the January-February period beat expectations, data showed on Monday, marking a solid start to 2024 and offering some relief to policymakers.
Abu Dhabi's benchmark stock index (.FTFADGI), opens new tab jumped 6.2%, the highest intraday upsurge in nearly four years, lifted by a rise of 1.4% in the UAE's largest lender First Abu Dhabi Bank(FAB.AD), opens new tab while E7 (E7.AD), opens new tab and National Marine Dredging (NMDC.AD), opens new tab gained 4.6% and 1.5% respectively.
"ADX was driven by gains in commodities that gained momentum for G7 Group and NMDC that relies on energy & construction," said Mazen Salhab, chief market strategist MENA at BDSwiss.
"ADX was driven by gains in commodities that gained momentum for G7 Group and NMDC that relies on energy & construction," said Mazen Salhab, chief market strategist MENA at BDSwiss.
"We think that the markets’ behaviour reflects the ongoing trust in Abu Dhabi's ambitious plan to lure more wealthy people and permanent-residence investors".
The Qatari benchmark index (.QSI), opens new tab was up 0.3%, with Qatar Gas Transport (QGTS.QA), opens new tab rising 2% and Industries Qatar (IQCD.QA), opens new tab gaining 0.5%.
Oil prices - a catalyst for the Gulf's financial markets- climbed with Brent up 0.5% at $85.8 a barrel by 0740 GMT. O/R
Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2%, weighed down by a 1.5% drop in Saudi Arabian Mining (1211.SE), opens new tab and a 1.6% decline in Riyad Bank (1010.SE), opens new tab.
Dubai's benchmark stock index (.DFMGI), opens new tab dropped 0.4% with toll operator Salik Company (SALIK.DU), opens new tab falling 3.2% and Emirates NBD (ENBD.DU), opens new tab, the Emirate's largest lender, losing 0.6%.
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