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 Abu Dhabi leads most Gulf bourses higher; Qatar dips

Bahraini traders are seen at Bahrain Bourse in Manama, Bahrain, November 4, 2020. REUTERS/Hamad I Mohammed

Abu Dhabi leads most Gulf bourses higher; Qatar dips

Dec 5 (Reuters) – Most Gulf bourses ended higher on Sunday, with some recouping recent COVID-19-related losses, while the Abu Dhabi index hit another record peak.

Saudi Arabia’s benchmark index (.TASI) advanced 2.4%, buoyed by a 3.6% rise in Al Rajhi Bank (1120.SE) and a 7.4% leap in the Sahara International Petrochemical Company (2310.SE).

The kingdom’s non-oil private sector continued to grow in November on the back of strong demand and modest price pressures for businesses. read more

Elsewhere, oil giant Saudi Aramco (2222.SE) ended 0.7% higher. The group said in a statement on Saturday it had signed five agreements with French companies, including one to explore a hydrogen-powered vehicle business with Gaussin. read more

In Abu Dhabi the index (.ADI) reached another record high, topping Tuesday’s previous peak, and closed up 2.6%, with Emirates Telecommunications Group (ETISALAT.AD) gaining for an eighth session in nine to end 8.8% higher.

In November, the telecom operator signed an agreement to acquire online grocery delivery marketplace elGrocer DMCC.

Mubadala, Abu Dhabi’s sovereign fund, said on Friday it had agreed a 4 billion euro ($4.53 billion) contract with France’s public investment bank Bpifrance.

However tech-focused holding company Multiply Group (MULTIPLY.AD), which debuted on the Abu Dhabi Securities Exchange on Sunday, dived more than 16% to 2 dirhams per share from its opening price of 2.35 dirhams.

Dubai’s main share index (.DFMGI) gained 0.5%, led by a 1.1% rise in Emirates NBD Bank (ENBD.DU) and a 3.1% increase in logistic firm Aramex (ARMX.DU).

Crude prices, a key catalyst for the Gulf’s financial markets, ended little changed on Friday after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could cut global oil demand.

The Organization of the Petroleum Exporting Countries will continue with its supply adjustments for the oil market, the OPEC Secretary General said on Saturday. read more

The Qatari index (.QSI) eased 0.1%, hit by a 1.1% fall in Qatar National Bank (QNBK.QA), the Gulf’s biggest lender.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) finished 0.7% higher, with most of the stocks on the index in positive territory.

SAUDI ARABIA(.TASI) leapt 2.4% to 11,142
ABU DHABI(.ADI) gained 2.6% to 8,772
DUBAI(.DFMGI) added 0.5% to 3,090
QATAR(.QSI) eased 0.1% to 11,587
EGYPT(.EGX30) rose 0.7% to 11,401
BAHRAIN(.BAX) was up 0.4% to 1,768
OMAN(.MSX30) rose 0.2% to 4,003
KUWAIT(.BKP) gained 0.5% to 7,573

($1 = 0.8839 euros)Reporting by Ateeq Shariff in Bengaluru; Editing by Jan Harvey

Our Standards: The Thomson Reuters Trust Principles.

This article was originally published by Reuters.

Global Business Magazine

Global Business Magazine

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