Mideast Stocks: Most major Gulf markets rise; Qatar eases

Boursa Kuwait makes public debut, trades at 10 times offer price

  
Investors work the floor of the Kuwait Stock Market March 12, 2003 in Kuwait City, Kuwait. Photo for illustrative purposes.

Investors work the floor of the Kuwait Stock Market March 12, 2003 in Kuwait City, Kuwait. Photo for illustrative purposes.

Getty Images/Spencer Platt

Most major Gulf markets ended higher on Monday, with financial shares boosting the Saudi index, while Qatar bucked the trend to close lower.

Saudi Arabia's benchmark index rose 0.6%, extending gains for a third straight session, with Al Rajhi Bank gaining 0.6% and National Commercial Bank, the country's largest lender, advancing 2.7%.

The kingdom will partially lift its suspension of international flights as of Sept. 15 to allow "exceptional categories" of citizens and residents to travel, the state news agency SPA said on Sunday.

Saudi Arabia will scrap all travel restrictions on air, land and sea transport for citizens on Jan. 1, 2021, the agency added.

Dubai's main share index closed up 0.4%, boosted by a 6.5% jump in DAMAC Propertiesand a 0.7% increase in blue-chip developer Emaar Properties.

The Abu Dhabi index added 0.1%, helped by a 5.5% leap in Abu Dhabi National Oil Company for Distribution.

Abu Dhabi National Oil Company (ADNOC) completed a placement to institutional investors of 1.25 billion shares in ADNOC Distribution

This represents 10% of ADNOC Distribution's share capital. With the additional 10% placement, valued at $1 billion, the free float will rise to 20% and contribute to improved liquidity of ADNOC Distribution shares, the company said.

In Qatar, the index, which advanced over 1% in the previous session, slipped 0.1%. Qatar National Bank , the Gulf's largest lender, declined 2.4% and Qatar Fuel Company was down 1.4%.

Boursa Kuwait, the country's national stock market, made its public debut on Monday at more than 10 times the price its shares were offered to citizens last year, becoming the Gulf's second publicly listed stock exchange. 

The Kuwaiti index increased 0.4%.

Outside the Gulf, Egypt's blue-chip index fell 0.5%, weighed down by a 0.8% drop in Commercial International Bank.

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

More From Equities