Major Gulf bourses tread water in absence of fresh catalysts

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Major Gulf bourses tread water in absence of fresh catalysts

On Sunday, a basket of Gulf bourses had closed out the session mostly dithered amid a lag in major market mover to cash in, while Abu Dhabi gained following a rise in the shares’ prices of telecom major Etisalat. In factuality, of all major Gulf bourses but Abu Dhabi had opened up the day in a hesitant note, but, as the day progressed, traders became more reluctant to pour heavy money amid a sheer lack of major market mover, eventually leading to a quiet trading session.

Major Gulf bourses end dithered

In tandem, Saudi’s benchmark index rose 0.1 per cent, supported by a 3.7 per cent rise in Al-Habib Medical Services following reveal of a better-than-anticipated first-quarterly operational profit, while Saudi Kayan Petrochemical surged 4 per cent after beating analysts’ estimates for net profits over fiscal first quarter that ended on March 31.

On top of that, Abu Dhabi’s main index advanced 0.3 per cent, backed by a gain of 1 per cent in telecom operator Etisalat following a local media outlet report that the telecom giant might tap into international bond market ahead of its $1.45 billion worth of bonds scheduled to be matured on June this year, while Dubai’s main index edged 0.1 per cent higher, boosted up by a 0.8 per cent increase in the country’s top lender Emirates NBD.

Outside the Gulf, Egypt’s blue-chip index rounded off the day mostly flatlined, as real estates’ gains were largely overshadowed by losses in tech stocks. Elsewhere in the Gulf, Qatari bourse added 0.1 per cent with petrochemical manufacturer Industrial Qatar soaring as much as 2.5 per cent following over 1 per cent rise in crude oil futures’ prices on Friday.