Major Mideast stocks gain as Saudi outperforms on financials’ boost; Egypt falls

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Major Mideast stocks gain as Saudi outperforms on financials’ boost; Egypt falls

On Sunday, a basket of major Mideast stock indices had wrapped up the day modestly higher with Saudi’s benchmark index outperforming regional peers following a robust gain on financials, however, Egypt’s blue-chip index had rounded off the day in red inks.

In point of fact, in the day’s Mideast stocks were catalysed a flurry of upbeat fundamentals including a growing likelihood of an earlier-than-anticipated economic recovery as pandemic vaccination campaign accelerated across the globe with richer countries likes of US & UK inoculated more than half of their populations.

Aside from that, a multi-year high crude oil futures’ prices on Friday had spurred up market participants’ morale over a likely demand-surge of crude oil contracts in a near-term, while a JPMorgan forecast that the Brent crude could reach $80 per barrel as early as by this Summer, had added to further bullish wing on investors’ sentiment.

Gulf bourses end higher as recovery hope reaffirms

Citing statistics, in the day’s Gulf market closing bell, Saudi Arabia’s benchmark index rose 0.9 per cent, mostly lifted by a 3.8 per cent and 3.6 per cent increase in the shares’ prices of Al Rajhi Bank and Saudi Telecom Company respectively, while Dur Hospitality Co advanced 0.6 per cent following reveal of a media topline that the hospitality company had been in an advanced stage merger with Taiba Investments Co, which in effect would value the combined entity at $2.4 billion.

Aside from that, Abu Dhabi shed 0.2 per cent with the UAE’s largest lender, First Abu Dhabi Bank, dwindling as much as 1.1 per cent, while Dubai benchmark index ended flatlined as a steep decline in financials had eclipsed the gains in real estate stocks.

Outside the Gulf, Egypt’s blue-chip index winded up the session 0.9 per cent lower. Elsewhere in the Mideast, Qatari bourses added 0.2 per cent, boosted up by a 1.6 per cent gain in petrochemical manufacturer Industries Qatar, while Kuwait and Bahrain rose 0.3 per cent and 0.4 per cent respectively.