Major Gulf bourses end mixed as Saudi snaps eight-session winning streak

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Major Gulf bourses end mixed as Saudi snaps eight-session winning streak

On Sunday, major Gulf bourses had winded up the session in an ambivalent complexion despite a robust opening of the day with real estate stocks weighing heavily on Dubai’s main index, while Egypt’s blue-chip stocks had snapped out a three-session long losing streak.

In point of fact, Gulf bourses had opened up the session in an upbeat tenure with financials bulking up the cohort across the region, however, as the day progressed, major Gulf bourses had largely echoed Friday’s Wall Street which had witnessed a 0.4 per cent decline in S&P 500’s interest rate-exposed financial sub-index, while a softer-than-anticipated jobs data in the US hurting investors’ bet on a rate-hike alongside a potential policy shift of US Fed, seemed to have rippled across the Gulf bourses.

Gulf bourses end mixed as financials drag

Citing statistics, in the day’s Gulf market closure, Saudi’s benchmark index edged 0.1 per cent lower, snapping out an eight-session-long winning streak as Saudi Telecommunication and Riyad Bank tumbled as much as 1.3 per cent.

Abu Dhabi’s main index ended 0.3 per cent higher with Emirates Telecommunication Group adding 0.7 per cent, while real estate developer Aldar Properties climbed 1.9 per cent over optimism of a price-surge in UAE’s housing market for the first time in six years.

Aside from that, Dubai’s main index lost 0.1 per cent, largely weighed by an 8.6 per cent slump in the shares’ prices of Damac Properties alongside a 1.1 per cent decline in Dubai’s largest lender, Emirates NBD Bank.

Nonetheless, blue-chip Emaar Properties rose 0.3 per cent following media headlines that Dubai had witnessed a 250 per cent upsurge in property sales over the first five months of the year compared to the same time a year earlier.

Outside the Gulf, Egypt’s blue-chip index ended 0.7 per cent higher, snapping out a three-session-long losing streak, as Elsewedy Electric and EFG Hermes Holdings gained 4.3 per cent and 2.7 per cent respectively.

Elsewhere in the Gulf, Qatari bourse wrapped up the session 0.1 per cent lower with Qatar Islamic Bank falling 0.6 per cent.