The UAE's bank and property stocks rose yesterday to lead both indexes higher, as traders positioned themselves for a rush of earnings results.
The Dubai Financial Market General Index rose 1.6 per cent to 1,680.96 points, while the Abu Dhabi Securities Exchange General Index gained 0.19 per cent to 2,708.75.
Majed Azzam, a property analyst at Alembic HC Securities, said optimism was returning over prospects for the sector.
"We're seeing a turnaround in earnings this year as they deliver a lot of properties," Mr Azzam said. "Real estate names have lagged other sectors and they're playing catch-up right now. We're seeing a lot of liquidity moving from Egypt into the UAE."
Drake & Scull International, one of the most traded stocks in yesterday's session, increased 1.85 per cent to Dh1.10 a share. Emaar Properties, the developer of the Burj Khalifa, rose 1.47 per cent to Dh3.46 a share.
The banking sector also saw big gains, even as the country's biggest bank by market capitalisation declined. National Bank of Abu Dhabi (NBAD) lost 0.88 per cent to Dh11.30 a share, after the bank reported first-quarter profits of Dh923 million on Tuesday, a 10 per cent decrease on the year before.
Despite NBAD's results, investors said the details had given fresh impetus to stocks elsewhere in the sector.
"Loan growth is present and that's followed with deposit growth," said Yong Wei Lee, a senior fund manager at Emirates NBD. "Deposit growth confirms that liquidity is returning."
Mr Lee added the market had expected NBAD's peers to show lower provisioning when they report earnings this month.
First Gulf Bank, the third-largest lender in the capital, rose 2.27 per cent to Dh18 a share. The bank is expected to report first-quarter earnings today.
Most other Gulf markets increased, although only Kuwait came close to Dubai's gains for the day. Qatar and Oman fell slightly.
ghunter@thenational.ae
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Killing of Qassem Suleimani
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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