Major Gulf bourses eke out gains as Abu Dhabi outperforms amid telecom Etisalat boost

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Major Gulf bourses eke out gains as Abu Dhabi outperforms amid telecom Etisalat boost

On Sunday, a basket of Gulf bourses had wrapped up the session sharply higher with Abu Dhabi’s main index outperforming its regional peers amid boosts from telecom giant Etisalat, however, Qatari bourse ended lower following a steep downfall in telecom Ooredoo.

In point of fact, a majority of Gulf bourses had opened up the day in a buoyant note with Abu Dhabi’s main index hitting an all-time high, however, as the day progressed, Mideast bourses had pared earlier gains and wrapped up the day marginally off their session highs, as global health regulators had raised an alarming bell citing growing possibilities of a fourth-wave of pandemic led by delta variants into the Arab countries spanning from Morocco to Pakistan.

Major Gulf bourses end sharply higher as Abu Dhabi outperforms regional peers

Citing statistics, in the day’s Gulf market closure, Saudi’s benchmark index rose by 0.4 per cent with the shares’ prices of Sahara International Petrochemical Company jumping more than 5 per cent.

Abu Dhabi’s benchmark index shot up to 1.9 per cent, remarking its largest intra-session gain in more than a month after hitting an all-time high earlier in the day, as telecom giant Etisalat had reported a better-than-anticipated quarterly earnings’ report and IHC shares’ prices leapt as much as 15 per cent, becoming the most-valuable Abu Dhabi-listed company, while Dubai’s main index added 0.5 per cent with real estate giant Emaar Properties alongside Emaar Malls rising as much as 1.2 per cent and 1.5 per cent higher respectively.

Outside the Gulf, Egypt’s blue-chip index added 0.3 per cent with Commercial International Bank gaining 0.5 per cent. Elsewhere in the Gulf, Qatari index slipped 0.2 per cent, largely wounded by a steep downward spiral of 3.8 per cent in Ooredoo shares, and Oman fell 0.1 per cent, while Bahrain and Kuwait gained 0.3 per cent and 0.2 per cent respectively.