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 Gulf bourses mixed, Dubai gains over 1%

Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed

Gulf bourses mixed, Dubai gains over 1%

Gulf markets were mixed in trade on Monday, with Dubai’s main share index rising 1% amid renewed interest in the region after state utility DEWA’s IPO kicked off last week.

Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its initial public offering, marking the largest such deal in the emirate since DP World in 2007. read more

The main share index (.DFMGI) added more than 1% for a second consecutive session, boosted by real estate and financial stocks.

Globally, sentiment was muted and oil prices slid as a coronavirus lockdown in Shanghai hit economic activity, while the yen extended its stomach-churning descent as the Bank of Japan stood in the way of higher yields.

Oil markets kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world’s second-largest crude exporter, and expansion of COVID-19-related lockdowns in China, the largest crude importer globally. read more

Saudi Arabia’s benchmark index (.TASI) inched up 0.1%.

Information technology company Al Moammar Information Systems Co (7200.SE) jumped 5% after the company announced a slew of new projects.

Travel services provider Seera Holding Group (1810.SE) fell nearly 3% after the company posted annual loss.

In Abu Dhabi, the index (.FTFADGI) was trading flat, while the Qatari index (.QSI) edged marginally lower.

($1 = 3.6726 UAE dirham)

Reporting by Tanvi Mehta in Bengaluru; editing by Uttaresh.V

Global Business Magazine

Global Business Magazine

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