Property, banking and financial sector shares offer support to benchmark indices in Abu Dhabi and Dubai markets.
The UAE markets on Monday staged a strong rebounded amid optimism about quick economic recovery and bullish oil prices.
Dubai’s main share index rose 0.9 per cent to 2,868.02 points due to strong gains in property, banking and financial sector shares. Blue-chip Emaar Properties rose 0.9 per cent while Dubai Financial Markets and Emirates Emirates NBD Bank surged 5.21 per cent and 1.84 per cent, respectively.
In Abu Dhabi, the stock index rose 0.51 per cent to 6,736.11 points due to gains in key scrips. First Abu Dhabi Bank shares rose 0.72 per cent while telecom giant etisalat and fuel retailer Adnoc Distribution up by 0.27 per cent and 0.23 per cent, respectively.
From today, the emirate will limit entry to shopping centres, restaurants, cafes and other public places to those who have been vaccinated against Covid-19 or recently tested negative for the Coronavirus.
In other regional markets, Saudi and Qatar stocks also rose due to gains in banking and petrochemical sectors.
“GCC financial markets should remain in the positive territory thanks to the subduing economic impact of the pandemic and the economic revival,” Daniel Takieddine, market analyst at FXPrimus, said.
Bitcoin resumes rally
Meanwhile, Bitcoin crossed $40,000 barrier on Monday following tweets from Elon Musk, who said Tesla sold Bitcoin but may resume transactions using it.
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk said on Twitter on Sunday.
“Musk’s words caused bitcoin to surge,” said Simon Peters, market analyst at eToro.