UAE shares jump as PMI shows solid growth in August
Stock markets in the United Arab Emirates rose on Friday after a business survey showed the country’s non-oil private sector expanded at a solid pace in August, driven by stronger output and new business growth. The S&P Global UAE Purchasing Managers’ Index (PMI) rose to 55.3 in August from 52.7 in July. Dubai’s main index advanced 0.7% in broad-based gains, led by a 2.2% rise in blue-chip…
Stock markets in the United Arab Emirates (UAE) surged on Friday after a business survey revealed the non-oil private sector expanded solidly in August. The S&P Global UAE Purchasing Managers' Index (PMI) climbed to 55.3 in August from 52.7 in the previous month. Dubai's leading index climbed 0.7% amid broad-based gains, propelled by a 2.2% surge in developer Emaar Properties.
Low-cost carrier Air Arabia soared 2.1%, announcing it would increase its Bangkok flights with four daily services from Sharjah. Abu Dhabi's benchmark index rose 0.5%, buoyed by a 1.5% gain in the UAE's largest lender, First Abu Dhabi Bank, and a 1.2% rise in Abu Dhabi Commercial Bank. Aldar Properties gained 1.6% following the completion of mortgage financing on an off-plan property, facilitated through Abu Dhabi Real Estate Centre's (ADREC) newly introduced framework.
Oil prices, a key driver for the Gulf's financial market, decreased by 0.45% to $95.11 a barrel as of 1139 GMT.
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