Gulf bourses tread water; Egypt blue-chip index falters 1.2 per cent

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Gulf bourses tread water; Egypt blue-chip index falters 1.2 per cent

On Sunday, a gauge of Gulf bourses had wrapped up the day almost dithered, while Egypt’s blue-chip index was plunged 1.2 per cent including a slump of 1.7 per cent of Commercial International Bank. In point of fact, Sunday’s Gulf bourses had started off the day in a quiet tenure, while major mid-east stocks appeared to be clinging on to the gains of the financials.

Nonetheless, as the day progressed, the landscape of Gulf bourses remained almost unchanged as big buyers appeared to be on the lookout of solid updates on pandemic alongside the crude futures’ prices amid an unprecedented rise in Libyan crude output.

Aside from that, media reports had revealed later last week that the OPEC+ had been anticipating a supply glut as early as over the coming weeks, which in turn had also weighed on investors’ sentiment.

Gulf bourses tread water as Egypt’s blue-chip index retreats

Concomitantly, Saudi’s main index wrapped up the day 0.1 per cent higher with the Mideast’s largest petrochemical giant Saudi Basic Industries gaining as much as 1 per cent, while Almarai progressed 3.4 per cent following reveal of a better-than-anticipated net profit over Q3, 2020.

Aside from that, Dubai’s key index dipped 0.6 per cent, mostly dragged down by a 1.2 per cent plunge in Dubai Islamic Bank alongside a drop of 1.8 per cent in the shares’ prices of Aramex, while Abu Dhabi’s main index slid 0.2 per cent following a 1.4 per cent fall in the shares’ prices of Abu Dhabi Commercial Bank.

Outside the Gulf, Egyptian blue-chip index retreated as much as 1.2 per cent, as a majority of its 30 stocks had faltered including the Commercial International Bank as beforementioned.

Elsewhere in the Gulf, the Qatari bourse added 0.1 per cent, buoyed by a 2.5 per cent gain in the shares’ prices of Qatar Insurance, while Bahrain and Kuwait shed 0.1 per cent and 1.0 per cent respectively, though Omani bourse had curtained the day with a gain of 0.3 per cent.