Mid-east bourses end mixed as blue-chip selloff dents Egypt

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Mid-east bourses end mixed as blue-chip selloff dents Egypt

On Sunday, major Gulf bourses had winded down the session in a mixed complexion with Saudi’s main index spanning previous gains, while a sharp downturn in blue-chip stocks had poured fresh scorns over Egypt’s benchmark index.

In point of fact, in the day’s Gulf market had opened mostly lower with Egypt leading the downturn, as a decline in crude oil futures’ prices, a key catalyst for Mideast bourses, on Friday, had largely weighed on investors’ morale.

Brent crude had wrapped up Friday’s market down by 0.6 per cent, slightly over $72 per barrel as a decline in US crude inventories alongside a decision from OPEC-Kingpin Saudi to lower crude oil prices for Asia, had added to jitters on top of a US nonfarm payroll miss.

US economy had added only 235,000 jobs last month compared to a forecast of 725,000, suggesting a slowdown in global economic activities amid a rise in delta cases. However, as the day progressed, Gulf investors appear to have stomached Friday’s dismal data and major benchmarks have been able to recoup some of their earlier losses.

Gulf bourses end mixed

Citing statistics, in the day’s Mideast market round-off, Saudi Arabia’s benchmark index edged 0.1 per cent higher with Saudi Telecom rising as much as 1.7 per cent after its tech unit, Arabian Internet and Communication Services Co., had said in a statement that it would seek to raise $960 million in a planned initial offering with IPO price targets having been set between $36.26 and $40.26 a share.

However, following a military attack from Yemeni Houthis on an oil facility owned by Saudi Aramco, the Saudi Arabia’s state-backed oil mogul had wrapped up the session flatlined. Besides, Dubai’s main index treaded water, while Abu Dhabi’s benchmark index dropped 0.2 per cent following a 1.9 per cent slip in Emirates Telecommunications Group.

Outside the Gulf, Egypt’s blue-chip index tumbled as much as 1.8 per cent with 28 out of its 30 entities closing out the session in a negative territory, as Egypt’s non-petroleum private sector activities had pummelled for a ninth straight month in a row in August.

Elsewhere in the Gulf, Qatari index fell 0.1 per cent with petrochemical maker Industries Qatar shrugging off 0.5 per cent.