Mideast Stocks: Dubai outperforms in weak Gulf, Egypt extends gains

Pharmacy firm Nahdi in early talks for IPO -sources

  
An investor looks at stock information in front of an electronic display board at the Dubai International Financial Market March 21, 2010.

An investor looks at stock information in front of an electronic display board at the Dubai International Financial Market March 21, 2010.

REUTERS/Ahmed Jadallah

The Dubai stock market closed higher on Monday ahead of Dubai Financial Market (DFM), the emirate's main stock exchange, reopening its trading floor from Tuesday after a three-month shutdown, while Egypt extended gains.

The DFM trading floor and customer affairs counters were temporarily closed in mid-March to contain the spread of the novel coronavirus.

Dubai's main share index gained 1.2%, buoyed by a 2.2% rise in blue-chip developer Emaar Properties and a 1.3% gain in sharia-compliant lender Dubai Islamic Bank .

The Abu Dhabi index added 0.3%, helped by a 6.8% jump in energy firm Dana Gas.

The United Arab Emirates' (UAE) non-oil private sector grew in June for the first time this year, emerging from months of contraction as coronavirus restrictions were lifted, a survey showed on Sunday. 

The seasonally-adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, rose to 50.4 in June from 46.7 in May, edging above the 50.0 mark that separates expansion from contraction.

Egypt's blue-chip index advanced 1.2%, with most of its constituents in positive territory, including Juhayna Food, which surged 9.1%.

The benchmark index in Saudi Arabia, which has reported the highest number of coronavirus infections among the six Gulf states, ended flat. Dr Sulaiman Al-Habib Medical Services 4013.SE retreated 3.3%, whereas oil giant Saudi Aramco was up 0.5%.

Separately, the kingdom's Nahdi Medical Co, the largest pharmacy retail chain in Saudi Arabia, is weighing an initial public offering and has begun early talks with potential advisors, Reuters reported, citing two sources familiar with the talks

Qatar's index edged up 0.1%, driven by a 3.1% gain in Doha Bank.

(Reporting by Ateeq Shariff in Bengaluru; editing by Emelia Sithole-Matarise) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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