Middle East stocks grew before results season

Most important stock markets around the Persian Gulf grew during Sunday trading. Investors are optimistic even before the start of the season. A Dubai based real estate company Damac Properties should announce its quarterly results first.


Damac Properties stocks was the leader of Sunday trading on Dubai Stock Exchange, when the stocks grew in more than 14%. It was the largest intraday price growth of the company since August 2015. Investors responded on the information that Damac Properties chief Hussain Sajwani considers purchasing stocks from minority shareholders and then leaving the stock exchange. Damac stocks caused growth of the whole Dubai stock index, which strengthened in 0,5%. 

Saudi Stock Exchange in Riyadh grew in 0,4% thanks to banking titles. Al Rajhi Bank added 0,7% and Riyad Bank grew in 1%. Saudi Telecom slightly increased once it extended its memorandum of understanding with telecommunications giant Vodafone. Similarly, Abu Dhabi main index added 0,3% due to banking titles. Yet, Qatar Stock Exchange grew only in 0,1% and the leading company Qatar Gas Transport rose in 2%. 



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