Mideast Stocks: Major Gulf bourses quiet, few fresh factors

Major bourses in the Middle East were mostly quiet on Sunday

  
A Saudi trader works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

A Saudi trader works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Major bourses in the Middle East were mostly quiet on Sunday in the absence of fresh cataysts to trade on, with the Abu Dhabi index supported by gains in telecoms major Etisalat.

Saudi Arabia's benchmark index edged up 0.1%, with Dr Sulaiman Al-Habib Medical Services advancing 3.7% following a rise in first-quarter net profit. 

Elsewhere, Saudi Kayan Petrochemical 2350.SE jumped 4% after it posted net profit for the quarter ended March 31. 

The Abu Dhabi index added 0.3%, led by a 1% gain in Abu Dhabi-based telecoms operator Etisalat.

The telecoms giant is expected to tap the international bond market in the coming days ahead of a 1.2 billion euro ($1.45 billion) bond maturity in June, Reuters reported, citing three sources familiar with the matter. 

Dubai's main share index added 0.1%, helped by a 0.8% increase in top lender Emirates NBD.

Meanwhile, the United Arab Emirates has suspended all incoming flights from India due to a surge in coronavirus infections there, the UAE's National Emergency Crisis and Disaster Management Authority (NCEMA) said on Thursday. 

In Qatar, the benchmark added 0.1%, with petrochemical maker Industries Qatar rising 2.5%.

Outside the Gulf, Egypt's blue-chip index traded flat, as gains property shares were offset by losses at technology stocks.

Sixth of October Development and Investment extended gains for a seventh session to close 5% higher.

Earlier this month, the developer appointed financial advisers to study an offer from Aldar Properties  led consortium. 

The UAE company announced earlier that it submitted an offer for a stake of 51% minimum, with an indicative share price in the range of 18-19 Egyptian pounds ($1.15-$1.22) per share. 

($1 = 0.8265 euros)

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


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