Mideast Stocks: Dubai snaps four-day winning streak; Saudi edges up

Saudi bourse bucked the trend to edge higher

  
An investor monitors an electronic board displaying stock information at the Dubai Financial Market June 13, 2013.

An investor monitors an electronic board displaying stock information at the Dubai Financial Market June 13, 2013.

REUTERS/Ahmed Jadallah

Most major stock markets in the Gulf ended lower on Wednesday, with the Dubai index snapping four days of gains, although the Saudi bourse bucked the trend to edge higher.

Dubai's main share index dropped 0.8%, ending a four-day winning streak, weighed down by a 1.9% fall in blue-chip developer Emaar Properties and a 5.1% slide in Dubai Financial Market (DFM).

Investors moved to take their profits after the sharp increases that followed the state-owned companies' initial public offering announcements, said Wael Makarem, senior market strategist at Exness.

"Price corrections could remain limited thanks to the strong fundamentals and as investors wait for the next IPO's details."

However, Amlak Finance surged 14.9% — rising for a fifth session.

On Sunday, the Islamic finance company swung to net profit of 887.1 million dirhams ($241.55 million) for the third quarter, from a loss of 151.4 million dirhams year ago. 

Saudi Arabia's benchmark index inched 0.1% higher, helped by a 1.8% rise in Saudi National Bank, the kingdom's largest lender.

The head of the Saudi Civil Aviation Authority told Al Arabiya TV on Tuesday that the kingdom had restored 45% of pre-COVID passenger traffic estimated in 2019 at around 100 million passengers.

In Abu Dhabi, the index fell 0.2%, easing from a record high, with conglomerate International Holding losing 0.5%.

Inflation worries remain as its more durable nature could prompt central banks to take additional actions to tighten their monetary policies, said Makarem.

The Qatari index dropped 0.3%, weighed down by a 0.6% fall in petrochemical maker Industries Qatar and a 0.5% drop in Masraf Al Rayan .

Outside the Gulf, Egypt's blue-chip index gained 0.5%, following recent price corrections.

Fawry for Banking Technology and Electronic Payment rose 2.4%, while Egypt Kuwait Holding advanced 2.5%.

($1 = 3.6726 UAE dirham)

($1 = 3.7508 riyals)

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


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