Most Gulf bourses eke out gains on financials; Dubai dwindles

by   |  VIEW 648

Most Gulf bourses eke out gains on financials; Dubai dwindles

On Sunday, a majority of Gulf bourses wrapped up the session with modest gains, mostly boosted up by solid gains from major Saudi Arabian lenders, while Dubai’s main index had been the lone ranger that failed to wind up in the black.

In point of fact, in the day’s modest gains in the Gulf bourses largely mirrored Friday’s global equity market that scaled up to a record closing high over optimism of another trillion-dollar pandemic stimulus bill from the US Government as early as by mid-March, while an upbeat oil prices with Brent crude eyeing $60 per barrel for the first time in more than twelve months, had ramped up market participants’ optimism further.

Aside from that, progresses in a mass-scale vaccination campaign across the globe had brightened up the outlook.

Saudi leads most Gulf bourses higher

As a gauge of global equity indices had scored their record closing highs on Friday over hopes of an earlier-than-anticipated economic revival from the pandemic’s fiscal consequences, Saudi’s benchmark index ascended 0.8 per cent, largely buoyed up by a 1.4 per cent gain in the shares’ prices of Al Rajhi Bank, while Bank Albilad jumped 5.6 per cent after it had reported an increase in annual profits.

Besides, a blowout rally in crude oil prices helped the Saudi’s state-backed oil giant Aramco shelve a 0.4 per cent gain. Nonetheless, Dubai’s main index dipped 0.2 per cent, almost entirely hurt by a 3.2 per cent nosedive in the shares’ prices of Dubai Investment which had reported a nearly 50 per cent plunge in annual profits last week.

However, Abu Dhabi’s main index edged 0.1 per cent higher following a 1.4 per cent rise in the shares’ prices of Abu Dhabi Commercial Bank, one of the leading lenders in UAE having had 56 branches in the country.

Elsewhere in the Gulf, Qatari bourse ended up the session 0.6 per cent higher, largely catapulted by a 1.5 per cent rise in petrochemical giant Industries Qatar. Outside the Gulf, Egyptian blue-chip index rounded off the day almost dithered with the country’s tobacco monopoly Eastern Company shrugging off as much as 2 per cent.