Aldar aids Abu Dhabi index; other Gulf markets little changed

Abu Dhabi's stock market rose on Tuesday buoyed by gains in real estate developer Aldar Properties , while other major Gulf markets were little changed.

The Abu Dhabi index gained 0.5%, boosted by a 4.7% jump in Aldar which saw its biggest intraday gain in nearly six years on Monday after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ.

First Abu Dhabi Bank traded flat. In the previous session, the United Arab Emirates' biggest lender reported a 19% fall in quarterly profit, dragged down by a double-digit drop in net interest income and higher impairment charges.


Saudi Arabia's benchmark index edged up 0.1%, helped by a 0.6% rise in oil giant Saudi Aramco and a 0.4% increase in petrochemical maker Saudi Basic Industries.

The kingdom's Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.

"I guess the worst part is over," he said at the virtual India Energy Forum by CERAWeek when asked to comment on the status of the oil market recovery.

Dubai's main share index eased 0.3%, hurt by a 0.6% fall in Emirates NBD Bank and a 0.2% decline in sharia-compliant lender Dubai Islamic Bank.

In Qatar, the index fell 0.1%, with Qatar Islamic Bank losing 0.9%.