Mideast Stocks: Gulf markets mixed; Egypt snaps losing streak

Egypt ends six straight sessions of losses

  
Traders monitor stock prices on screens at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose

Traders monitor stock prices on screens at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose

REUTERS/Faisal AlNasser

Stock markets in the Gulf ended mixed on Monday, with financial shares driving the Dubai index higher, while gains in Commercial International Bank supported Egypt.

Saudi Arabia's benchmark index gained 0.3%, with Jabal Omar Development rising 5.4% and Dr Sulaiman Al-Habib Medical Services was up 1.5%.

Oil company Saudi Aramco, however, eased 0.3%.

Saudi Arabia's state oil producer cut its October official selling price (OSP) for its Arab Light crude oil to all destinations, the company said on Saturday.

Aramco reduced the OSP for its Arab Light crude grade to Asia by $1.40 a barrel, setting it at a minus $0.50 per barrel versus Oman/Dubai average.

Dubai's main share index rose 0.6%, led by a 4.2% leap in logistic firm Aramex and a 0.9% gain Emirates NBD Bank.

Dubai's $2 billion dual-tranche bond sale on Wednesday was backed mostly by funds in the Middle East, Europe and the United Kingdom, a document showed.

It was Dubai's first foray into the public debt markets since 2014, as the Middle Eastern tourism and commerce hub seeks to bolster finances hurt by the COVID-19 pandemic. 

In Abu Dhabi, the index eased 0.3%, hurt by a 0.5% fall in the country's largest lender First Abu Dhabi Bank.

The Qatari index ended flat with petrochemical maker Industries Qatar rising 1.3%.

Outside the Gulf, Egypt's blue-chip index closed up 0.6%, ending six sessions of gains, driven by a 0.6% rise in Commercial International Bank.

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

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