Mideast Stocks- Most major Gulf markets end higher; Dubai eases

Najran Cement extends gains following H1 dividend proposal

  
Investors look at electronic display boards on the trading floor at the Dubai International Financial Market March. Image for illustrative purposes.

Investors look at electronic display boards on the trading floor at the Dubai International Financial Market March. Image for illustrative purposes.

REUTERS/Mohammed Salem

Most major Gulf markets ended higher on Sunday, with petrochemical shares boosting the Saudi index, while Dubai bucked the trend close lower.

The kingdom's benchmark index rose 0.7%, with Saudi Kayan Petrochemical Company and National Industrialization Company gaining 4.6% and 4.8%, respectively.

Amongst others, Najran Cement 3002.SE surged 9.9%, extending gains from the previous session when the cement producer proposed a first-half dividend of 0.75 riyal per share. 

Dubai's main share index gave up early gains to closed 0.3%. Emirates NBD Bank declined 1.4%, while Aramex retreated 2.3%.

The logistics firm on Wednesday confirmed that a portion of its warehouse facility in Morocco had been damaged in a fire.  Any financial impact from the incident will be reflected in the firm's third-quarter financial report.

Arabtec HoldingARTC.DU closed up 0.7%. The loss-making contractor has hired advisory firm AlixPartners to help it restructure the company's debt, Reuters reported on Thursday, citing two sources familiar with the matter. 

Arabtec postponed its shareholder meeting which was called to decide whether to continue operating or liquidate and dissolve the firm after the pandemic hit projects and led to additional costs.

The Abu Dhabi index added 0.4%, helped by a 0.9% rise in the United Arab Emirates' largest lender First Abu Dhabi Bank and a 1% gain in Aldar Properties.

In Qatar, the index gained 0.3%, with Qatar Insurance jumping 6.1%.

Outside the Gulf, Egypt's blue-chip index edged down 0.1%, hurt by a 3.4% fall in tobacco monopoly Eastern Company.

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

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