On Sunday, a basket of Gulf bourses had wrapped up the session in an ambivalent texture with Qatar’s main index digesting steep losses amid a plunge in oil prices on Friday, a key catalyst for major Mid-east bourses.
In point of fact, in the day’s Gulf market, major stock indices had opened up the day mostly higher but Qatar, which had been hit with a hefty whiplash following an upsurge in the previous session after removing a cap on foreign ownership.
Nonetheless, as the day progressed, major Gulf bourses appeared to be looking for directions following last week’s plunge in oil contracts’ prices, though an upbeat OPEC report that had raised full-year oil demand forecast for 2021 alongside an IEA (International Energy Administration) report that underscored a meteoric jump in oil demands over second half of the year, cushioned up Mideast stocks given their close tie-ups with oil contracts’ prices.
Mideast stocks end mixed; Qatar pummelled
Citing statistics, in the day’s Mideast market closure, Saudi’s main index rose 0.6 per cent, marking up a second straight session of gain, as Saudi Telecom alongside Al Rajhi Bank eked up 1.7 per cent and 0.3 per cent in gains respectively.
Besides, Saudi’s main index was supported further following reveal of a media topline that the officials of Riyadh and Tehran had held direct talks this month in bids to ease off tensions between the long-time foes, as Biden Administration was vying to vent out a way to restore a 2015 nuclear pact with Tehran and to put an end to a protracted war between Saudi and the Iran-backed Yemeni Houthis.
Besides, Dubai’s main index edged 0.1 per cent higher following a 1.8 per cent gain in the shares’ prices of Emaar Properties, the largest real estate enterprise in Dubai, while Abu Dhabi lost 0.1 per cent, mostly hurt by a 0.7 per cent slide in the shares’ prices of the UAE’s largest lender, First Abu Dhabi Bank.
Outside the Gulf, Egypt’s blue-chip index jumped as much as 2.1 per cent with 25 out of its 30 blue-chip stocks rounding off the session in a positive territory, while the country’s leading lender Commercial International Bank climbed 3.2 per cent.
Elsewhere in the Mideast, Qatari bourse pulled back 1.3 per cent a day after it had witnessed the largest intra-session gain in more than a year, almost entirely prompted by a Qatari Cabinet decision that in effect would allow foreign investors to own up to a 100-per cent stake in a listed company.
However, in the day’s downturns in the Qatari bourse were mostly pivoted by a plunge in crude oil contracts’ prices on Friday, as petrochemical firm Industries Qatar shed 2.3 per cent.