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 Gulf bourses rise, Dubai pauses after recent rally

A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike

Gulf bourses rise, Dubai pauses after recent rally

Most Gulf indexes rose on Monday, tracking positive sentiment across the globe, while investors in Dubai took a breather after the region witnessed an influx of money on strong IPO prospects.

Global equities made cautious gains amid talk of more sanctions against Russia over its invasion of Ukraine, while bonds screamed the risk of a hard landing for the U.S. economy as short-term yields hit three-year highs.

While Russia-Ukraine peace talks dragged on, reports of Russian atrocities led Germany to say the West would agree to impose more sanctions in coming days. read more

Oil prices inched higher as worries about tight supply persisted, even as investors eyed the release of supplies from strategic reserves by consuming nations and a truce in Yemen.

Saudi Arabia’s benchmark index (.TASI) gained 0.2%, boosted by financials and consumer stocks.

Shares of Acwa Power (2082.SE) climbed 3% after the company said it signed deals for Neom Green Hydrogen Project in the region.

Dubai’s main share index (.DFMGI) snapped its gaining streak, which began after a 22.32 billion dirhams ($6.08 billion) initial public offering opened for subscription last month. The index was last down 0.3%.

The index had gained 3.7% last week, its second consecutive weekly rise.

In Abu Dhabi, the index (.FTFADGI) gained 0.5%, while the Qatari index (.QSI) added 0.2%.

($1 = 3.6726 UAE dirham)

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

This article was originally published by Reuters.


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