Mideast Stocks: Abu Dhabi leads most Gulf bourses higher; Qatar dips

Most Gulf bourses ended higher on Sunday

  
A trader walks past the quotation board at the Abu Dhabi stock market July 11, 2006. Image used for illustrative purpose.

A trader walks past the quotation board at the Abu Dhabi stock market July 11, 2006. Image used for illustrative purpose.

REUTERS/Ravindranath

Most Gulf bourses ended higher on Sunday, with some recouping recent COVID-19-related losses, while the Abu Dhabi index hit another record peak.

Saudi Arabia's benchmark index advanced 2.4%, buoyed by a 3.6% rise in Al Rajhi Bank and a 7.4% leap in the Sahara International Petrochemical Company .

The kingdom's non-oil private sector continued to grow in November on the back of strong demand and modest price pressures for businesses. 

Elsewhere, oil giant Saudi Aramco ended 0.7% higher. The group said in a statement on Saturday it had signed five agreements with French companies, including one to explore a hydrogen-powered vehicle business with Gaussin. 

In Abu Dhabi the index reached another record high, topping Tuesday's previous peak, and closed up 2.6%, with Emirates Telecommunications Group gaining for an eighth session in nine to end 8.8% higher.

In November, the telecom operator signed an agreement to acquire online grocery delivery marketplace elGrocer DMCC. 

Mubadala, Abu Dhabi's sovereign fund, said on Friday it had agreed a 4 billion euro ($4.53 billion) contract with France's public investment bank Bpifrance. 

However tech-focused holding company Multiply Group, which debuted on the Abu Dhabi Securities Exchange on Sunday, dived more than 16% to 2 dirhams per share from its opening price of 2.35 dirhams.

Dubai's main share index gained 0.5%, led by a 1.1% rise in Emirates NBD Bank and a 3.1% increase in logistic firm Aramex.

Crude prices, a key catalyst for the Gulf's financial markets, ended little changed on Friday after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could cut global oil demand.

The Organization of the Petroleum Exporting Countries will continue with its supply adjustments for the oil market, the OPEC Secretary General said on Saturday. 

The Qatari index .QSI eased 0.1%, hit by a 1.1% fall in Qatar National Bank, the Gulf's biggest lender.

Outside the Gulf, Egypt's blue-chip index finished 0.7% higher, with most of the stocks on the index in positive territory.

 ($1 = 0.8839 euros)

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


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