Mideast stocks end mixed; Egypt totters after Central Bank keeps lending cost steady

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Mideast stocks end mixed; Egypt totters after Central Bank keeps lending cost steady

On Sunday, a gauge of Gulf stocks had wrapped up the session in an ambivalent texture with Saudi’s main index registering a sharp rise following reveal of four new oil and gas fields, while Egyptian blue-chip index was battered heavily after Egypt’s Central Bank had decided to keep its benchmark borrowing cost steady.

In point of fact, Sunday’s rise in Saudi’s main index was almost entirely prompted by an announcement that said the fossil-fuel rich OPEC-kingpin had discovered four new oil and gas fields, while Saudi’s main index had winded down the day 0.4 per cent, mostly buoyed up by the gains of petrochemical stocks with Saudi Basic Industries surging as much as 0.8 per cent.

Notably, Saudi’s main index, Tadawul, has been up by 4.2 per cent year-to-date so far, outperforming all of its regional peers.

Gulf stocks end mixed as Egypt pummelled

Besides, Dubai’s main index dropped 0.5 per cent, snapping a three-day long streak of gains, as Dubai’s 2021 budget which was revealed earlier in the day, showed a 14 per cent drop from a prior estimate to $15.5 billion, while the shares’ prices of Dubai Islamic Bank and Emirates NBD, both were nudged 0.9 per cent lower.

Abu Dhabi’s main index dropped 0.6 per cent as well. However, the Qatari bourse had extended its winning run and winded up the day 0.3 per cent higher as Qatari telecom company soared as much as 2.8 per cent. Elsewhere in the Gulf, Bahrain edged higher by 0.1 per cent, while Omani bourse eked out a gain of 0.4 per cent.

Kuwaiti bourse had rounded off the day 0.3 per cent lower. Outside the Gulf, Egypt’s blue-chip index tumbled 0.9 per cent following three straight session of gains as the Central Bank of Egypt had kept its benchmark borrowing cost unchanged at 9.25 per cent and overnight depository rate at 8.25 per cent.