Mideast Stocks: Mixed close for Major Gulf bourses

Major stock markets in the Gulf had a mixed session 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

Major stock markets in the Gulf had a mixed session on Monday, with property shares weighing on the Dubai index but few fresh factors to trade on.

Saudi Arabia's benchmark index gained 0.5%, with petrochemical firm Saudi Basic Industries rising 2.1%, and Yanbu National Petrochemicals Company up 2.8% after reporting a sharp surge in quarterly profit. 

In Dubai, the main share index eased 0.1%, hit by a 1.8% fall in Emaar Properties, the emirate's largest listed real estate developer, which will go ex-dividend on Tuesday, and a 2.1% drop in its unit Emaar Malls.

However, gains at Emirates NBD Bank, which finished 2.1% higher, cushioned the index's fall.

On Sunday, the lender and Etihad Credit Insurance signed an agreement to ease the bank's businesses access to trade finance. 

The Abu Dhabi index lost 0.4%, pressured by a 1.3% decline in telecoms giant Etisalat.

In Qatar, the benchmark rebounded 1.5%, with most of its stocks gaining, including market heavyweight Industries Qatar, which rose 4.7%.

The Qatari cabinet last week approved a bill that will allow non-Qatari investors to own up to 100% of the capital of companies listed on the Qatar stock exchange. 

It also decided to keep central bank liquidity support for local banks based on need, as the country faces a second wave of the coronavirus pandemic.

Outside the Gulf, Egypt's blue-chip index closed 0.8% higher, with 24 out of 30 stocks in the index gaining, including top lender Commercial International Bank, which was up 2.3%.

Exchange data showed foreign investors were net buyers of the stocks.

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

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