On Sunday, a gauge of Gulf bourses had rounded off the session in a red sea of Nile with Dubai’s main index taking the weightiest header as investors remained spooked over a recent rise in pandemic cases in the Mideast.
Nonetheless, Kuwaiti bourse had been the lone ranger to chalk out a gain as the Country’s Central Bank had allowed regional lenders to pay off 2020 dividends. In point of fact, a steep downturn in the day’s Gulf bourses was almost entirely prodded by a perilous rise in pandemic cases in the region, while a remark from Saudi-led coalition which has been battling Yemeni Houthis that said the coalition-troops had prevailed an air attack towards Riyadh, the Capital City of Saudi Arabia, added to further strains.
Most gulf bourses end lower; Kuwait up on financials
Besides, as a growing number of pandemic cases in the Mideast had thwarted investors’ hope of a quicker-than-anticipated recovery, Dubai’s main index extended a two-day long losing streak, while Abu Dhabi’s main index had wrapped up the day almost dithered after paring earlier gains in later part of the day.
Notably, Dubai had cancelled all non-essential surgeries alongside live performances in hotels and restaurants until further notice, eventually sketching out a dour outlook on a near-term recovery, while as UAE had yet to disclose locations of new clusters of pandemic cases, market participants’ frets were spurred up on whether Dubai, which had eased restrictions earlier this month, had been the hardest hit in the latest wave of outbreak.
Besides, Dubai’s main index tumbled 0.7 per cent following a 2 per cent plunge in the shares’ prices of Emaar Properties, while Abu Dhabi’s main index remained flatlined. Saudi’s main index dipped 0.5 per cent, mostly hoisted down by a 1.7 per cent drop in the shares’ prices of National Commercial Bank, the largest lender in Saudi Arabia.
Elsewhere in the Gulf, Qatari bourse shed 0.3 per cent that followed a 0.8 per cent plunge in the shares’ prices of the country’s largest lender, Qatar National Bank, while Qatar Islamic Bank shrugged off 0.6 per cent.
Nonetheless, Kuwaiti bourse eked out gains after the country’s Central Bank had allowed regional lenders to disburse dividends for 2020. Outside the Gulf, Egyptian blue-chip index dropped 1.1 per cent, while the country’s largest lender, Commercial International Bank, had curbed out more than 2 per cent.