Major Mideast bourses muted as Saudi & Qatar gain on petrochemical stocks

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Major Mideast bourses muted as Saudi & Qatar gain on petrochemical stocks

On Sunday, a majority of Gulf bourses but Saudi alongside Qatar, had closed out the session mostly dithered, as Saudi’s benchmark index had snapped out a latest leg of four straight session of losses. In point of fact, in the day’s Gulf market had mostly mirrored a global-scale nosedive in equity markets on Friday, as frets over a plausible ripple effect of China’s Evergrande contagion into global equity indices had mired investors’ optimism, nonetheless, Saudi and Qatar had eked out modest gains following a decent uptick in crude oil futures’ prices last week, as petrochemical stocks led their tally of gains.

Major Gulf stocks end dithered; Saudi & Qatar rise

Citing statistics, in the day’s Mideast market closing bell, Saudi’s benchmark index gained 0.7 per cent, wrapping up a four-session-long losing streak as beforementioned, with Saudi Basic Industries Corporation jumping as much as 2.5 per cent, while high-profile lender Al Rajhi Bank added 0.7 per cent.

However, Dubai’s main index muzzled 0.3 per cent, mostly heaved lower by a steep downward spiral in developer Emaar Properties alongside its shopping mall unit Emaar Malls with both losing 1.2 per cent and 1.6 per cent respectively, while Abu Dhabi’s main index fell 0.3 per cent, snapping up a three-session-long winning streak with First Abu Dhabi Bank alongside Etisalat shedding 0.8 per cent and 1.2 per cent respectively.

In factuality, UAE PM and Dubai ruler Sheikh Mohammad bin Rashid al Maktoum had announced critical changes in Ministry on Saturday involving Finance and Environment Ministers, which appeared to have weighed heavily on investors’ morale, suggested analysts.

Outside the Gulf, Egypt’s blue-chip index ended 0.1 per cent higher with tobacco giant Eastern Company leapfrogging 3.1 per cent. Elsewhere in the Gulf, Qatar’s benchmark index added 0.7 per cent, extending its latest leg of blistering rally into a third consecutive day, as petrochemical firm Industries Qatar and Mesaieed Petrochemicals leapt as much as 2.1 per cent and 2.3 per cent respectively.

Besides, Bahrain, Oman and Kuwait had rounded off the session mostly flatlined.