Major Gulf bourses end mixed as Dubai outperforms regional peers on property shares

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Major Gulf bourses end mixed as Dubai outperforms regional peers on property shares

On Sunday, a basket of major Gulf bourses wrapped up the session in an ambivalent texture with financial stocks leading the decline in Saudi, but Dubai outshined its regional peers on defensive bets such as real estate stocks.

In point of fact, in the day’s major Mideast stock exchanges had opened up the session in a mixed tenure with top-tier stocks looking for directions, however, as the day progressed, market outlook became much gloomier in context of a 2 per cent decline in crude oil futures’ prices on Friday, a key catalyst for a majority of Gulf bourses, as market participants seemed to be fretted over further downward spiral in crude oil prices amid a record rise in daily pandemic cases in India alongside a much bleaker-than-anticipated crude oil import data in Japan, the world’s fourth-largest crude oil importer.

Major Gulf bourses end mixed

Citing statistics, in the day’s Gulf markets’ closure, Saudi’s main index lost 0.5 per cent with the Kingdom’s largest lender, Saudi National Bank faltering as much as 2.1 per cent.

However, later last week, Saudi’s main index rose sharply after Saudi Crown Price Mohammed bin Salman had nullified a decision to triple value added taxes (VAT) to 15 per cent. Nevertheless, snapping out three straight session of losing streak, Dubai’s main index advanced 0.7 per cent with the region’s largest real estate developer Emaar Properties gaining 3 per cent, while Abu Dhabi’s main index rose 0.5 per cent, mostly riding on the back of the UAE’s largest lender First Abu Dhabi Bank which gained 0.8 per cent.

Outside the Gulf, Egyptian stock market was closed due to a public holiday. Elsewhere in the Gulf, Qatari index edged 0.1 per cent lower following a 0.2 per cent drop in petrochemical maker Industries Qatar.