Mideast Stocks: Abu Dhabi falls, Saudi gains as major Gulf bourses end mixed

Abu Dhabi's stock index ended lower on Monday

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Abu Dhabi's stock index ended lower on Monday following record highs in the previous session, while Saudi Arabian shares reversed course to close in the green as major Gulf bourses marked a mixed note.

The Abu Dhabi index eased 0.2%, with Alpha Dhabi Holding  shedding 2.5%, despite a sharp rise in its quarterly earnings.

Aldar Properties lost 1%, a day after the company said it would create job opportunities for 1,000 UAE nationals over the next five years. 

Saudi Arabia's benchmark index .TASI added 0.4%, led by a 1.6% rise in Al Rajhi Bank1120.SE after it reported a rise in quarterly net profit.

Investors jumped in after a light correction, supported by strong oil prices and demand, said Wael Makarem, senior market strategist at Exness. He, however, added that the index remained exposed to possible corrections over the short term.

Oil prices extended gains to hit multi-year highs on Monday, lifted by tight global supply and strengthening fuel demand in the United States and beyond. O/R

Dubai's main share index closed 0.5% lower, weighed down by a 1.4% drop in Emirates NBD Bank and a 1.5% decrease in logistic firm Aramex, snapping a four-day winning streak.

In the previous two sessions, Aramex rose about 24%, following a direct deal worth 1.41 billion dirhams ($383.90 million) for its 295 million shares.

The Qatari index inched 0.1% higher, with petrochemical maker Industries Qatar advancing 2.1% ahead of its earnings announcement.

Commercial Bank gained 0.9% after it posted strong earnings for the first nine months of 2021.

Outside the Gulf, Egypt's blue-chip index fell 0.1%, with most stocks ending in the red.

"The market has been trading sideways for a couple of trading sessions as investors search for drivers after a tremendous rally at the beginning of the month," said Makarem.

($1 = 0.2723 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Ramakrishnan M.) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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