Major Mideast stocks end flatlined as Dubai edges higher

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Major Mideast stocks end flatlined as Dubai edges higher

On Sunday, a basket of Gulf bourses had wrapped up the session mostly dithered amid lack of fresh impetus, though Dubai’s main index advanced on expectations of solid economic recovery, rounding off the day in an affirmative territory after snapping out an eight-session-long winning streak last week.

In factuality, in the day’s Gulf bourses had witnessed an increase in investors’ caution as recovery helves appeared to be hanging on the pace of vaccination campaigns in the region, but Dubai ended up the day in a relatively cheery note as analysts have been expecting an increase in property prices for the first time in more than half a decade this year.

Major Gul bourses end dithered; Dubai gains

Citing statistics, in the day’s Gulf market closing bell, Dubai’s main index edged 0.1 per cent higher with UAE’s only publicly listed airline Air Arabia gaining 1.5 per cent, while mall operator Emaar Mall added 1 per cent.

Abu Dhabi’s main index, in tandem, faltered 0.4 per cent with First Abu Dhabi Bank alongside Abu Dhabi Commercial Bank having been nudged 1.3 per cent and 0.7 per cent lower respectively. Saudi Arabia’s main index added 0.2 per cent, marking up a straight fourth session of gains with Saudi Telecom, Sahara International Petrochemical and Dr.

Sulaiman Al-Habib Medical Services Group winding up the day 0.7 per cent, 1.4 per cent and 0.9 per cent higher respectively. Besides, the Kingdom of Saudi Arabia had decided to relax pandemic-led restrictions last week and agreed to open up entertainment venues at a 40 per cent capacity for the people who are already vaccinated against the pandemic pathogen, adding a bullish bias to investors’ optimism.

Elsewhere in the Gulf, Qatari index soured 0.2 per cent following three straight session of gains with shares’ prices of Commercial Bank and Qatar International Islamic Bank pummelled as much as 1.6 per cent and 1.7 per cent respectively.