Gulf gains; Aramco deepens losses as Saudi crude exports plunged 65% in May

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Gulf gains; Aramco deepens losses as Saudi crude exports plunged 65% in May

On Sunday, a basket of Gulf bourses had stepped up, made gains mostly propelled by the financials’ stocks alongside real estate companies, as investors appeared to be betting heavily on institutional lenders following upscaled quarterly earnings that sailed over the volume of trading revenues, mostly in pandemic stimulus packages in forms of debts, while a 65 per cent plunge in Saudi Arabia’s crude oil exports in May had deepened the losses of Saudi’s state-backed oil giant, Aramco, eventually capped the gains of Saudi’s main index.

Besides, as market participants seemed to be stockpiling safe-have defensives such as real estates amid an escalation in Sino-US trade tension, Dubai main index ended up the day 0.3 per cent higher, almost entirely buoyed up by a 6.1 per cent gain of Damac Properties, while Abu Dhabi’s main index added 0.6 per cent, while the largest bank in the country, First Abu Dhabi Bank rose by 0.6 per cent.

Sino-US tension strains crude oil demands, as Aramco deepens losses

Apart from that, despite a 1.9 per cent upsurge of Al-Rajhi Bank alongside a 1.5 per cent gain of Bank Albilad, Saudi’s main index winded down the day marginally higher, mostly due to a sweeping drag on Aramco shares that faltered 0.8 per cent on Sunday’s market closure to 32.8 Saudi Riyals ($8.75) per share, while official data released later last week showing that the value of Saudi oil exports had plunged by 65 per cent in May on a year-on-year basis had weighed on other Mideast bourses as well.

Elsewhere in the Mideast, the Qatari bourse ended up the day 0.1 per cent, mostly driven by an 8.7 per cent jump of Qatar Aluminium Manufacturing Company following reveal of its first half earnings’ report that had beaten analysts’ estimate by a wider margin and posted a net operational profit despite a steep drawdown in metal demands.

Outside the Gulf region, Egypt’s blue-chip index rose by 0.6 per cent, while a majority of the 30 blue-chip stocks in Egyptian bourse had rounded off the day in a positive territory.