Major Mideast bourses gain as Dubai eases

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Major Mideast bourses gain as Dubai eases

On Sunday, a basket of Gulf bourses had wrapped up the session in a riant complexion with Abu Dhabi’s main index stretching out gains for a fifth straight session in a row as International Holding soared more than 28 per cent since listing of a unit back in June 27, however, Dubai’s main index slid following a sharp downturn in property stocks and financials.

In point of fact, a majority of Gulf stock indices had opened up the day in an upbeat texture with Abu Dhabi’s International Holding continuing a torrential high-tide, while a slew of mid-east stock indices had been boosted further amid prospects of a delayed crude oil supply cut, which would likely to lead to a higher crude oil price.

Besides, market optimism had stepped up following a media headline revealing that the OPEC-kingpin Saudi Arabia had decided to hold back its stance in favour of a higher crude output between August and December following a stringent opposition from United Arab Emirates, which appeared to be seeking to capitalize on a higher US crude oil price ahead of Expo 2020 Dubai, a six-month long world trade fair.

Dubai is expected to start selling off tickets for Expo 2020 on July 18.

Gulf stocks end higher; Dubai dips

Citing statistics, in the day’s Gulf market closing bell, Saudi Arabia’s benchmark index added 0.5 per cent with Sabic Agri-Nutrient and Al Rajhi Bank gaining 1.3 per cent and 3.8 per cent respectively.

Abu Dhabi’s main index closed out the session 0.7 per cent higher following a 1.2 per cent rise in the shares’ prices of International Holding, while Dubai dipped 0.4 per cent following a 1.1 per cent decline in Emirates NBD Bank.

Outside the Gulf, Egypt’s blue-chip index rose 0.9 per cent with the country’s leading lender Commercial International Bank climbing 0.8 per cent. Elsewhere in the Gulf, Qatari bourse added 0.2 per cent with petrochemical firm Industries Qatar jumping as much as 0.8 per cent, while Oman and Kuwait gained 0.5 per cent and 0.2 per cent respectively.