Major Gulf bourses end mixed amid lack of fresh impetus

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Major Gulf bourses end mixed amid lack of fresh impetus

On Sunday, a slew of major Gulf stock exchanges had rounded off the session in an ambivalent complexion with Saudi’s main index soaring on financials’ gains and Dubai edged lower as market participants were seemingly on the lookouts of major market drifts in context of a steep lack of fresh impetus.

In point of fact, in the day’s gains in the Gulf bourses were mostly led by Saudi’s main index as the Kingdom’s food and drug administration had approved AstraZeneca’s pandemic vaccine for a mass-scale usage, while Dubai’s main index led the tally of losses following a steep downturn in property stocks.

Gulf bourses wind up mixed in absence of fresh market catalysts

Citing statistics, in the day’s Gulf market wind-down, Saudi’s benchmark index rose 0.7 per cent, snapping up a streak of two straight session of losses on financials’ gains, as shares’ prices of Al Rajhi Bank added 1 per cent, while Banque Saudi Fransi jumped as much as 3.8 per cent.

Nonetheless, Dubai’s main index shrugged off 0.3 per cent, mostly hurt by staggering losses in property stocks, as Emaar Properties dropped 0.8 per cent, while DAMAC properties slid 2.5 per cent following a remark from DAMAC Chair Hussain Sajwani last week who had said that the United Arab Emirate’s property market had been hit with a heavy whiplash and would unlikely to see a “substantial scale of recovery” in 12 to 24 months.

However, Abu Dhabi’s main index gained 0.2 per cent, in particular buoyed up by a 0.8 per cent increase in the shares’ prices of telecom firm Etisalat. Outside the Gulf, Egypt’s blue-chip index surged 0.4 per cent following a 1.1 per cent rise in the shares’ prices of the region’s top lender Commercial International Bank.

Elsewhere in the Gulf, Qatari bourse soured 0.1 per cent with Commercial Bank ebbing out as much as 2.2 per cent.