Major Gulf bourses fall as Saudi snaps five-day-long winning streak; Abu Dhabi gains



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Major Gulf bourses fall as Saudi snaps five-day-long winning streak; Abu Dhabi gains

On Sunday, a basket of Gulf bourses had winded up the session mostly lower, largely echoing a slanderous investors’ sentiment over a latest rise in inflation indicators alongside dismal factory activity data from Asia, as Saudi’s benchmark index had snapped up a five-session-long winning streak, however, Abu Dhabi’s main index gained ground following a 28 per cent leapfrog in ADNOC Drilling shares in debut that had raised as many as $1.1 billion in Abu Dhabi’s largest IPO ever.

In point of fact, in the day’s heavy downpour in major Gulf bourses came against a baleful backdrop in optimism over global economic recovery during third quarter of 2021, as investors remained utterly cautious amid a lingering supply chain constraint alongside an intransigent build-up in price pressures all over the world.

Nonetheless, a three-year peak crude oil futures’ prices, a key catalyst for the investors in resource-rich Gulf states, had kept a lid on the gains.

Major Gulf bourses fall; Abu Dhabi gains as ADNOC Drilling jump 30% in debut

Citing statistics, in the day’s Gulf market wind-down, Saudi’s main index shed 0.4 per cent following a 3.3 per cent decline in Saudi Telecom Company, as the OPEC-kingpin’s sovereign wealth fund (PIF) had been brewing off an option to a divestiture of its 70 per cent stake in Saudi Telecom.

Besides, Dubai’s benchmark index lost 0.4 per cent, mostly heaved down by a 2 per cent downward spiral in blue-chip developer Emaar Properties alongside a 2.1 per cent drop in Emaar Development, while Abu Dhabi’s main index added 0.3 per cent as the UAE’s largest lender, First Abu Dhabi Bank gained 1.2 per cent and ADNOC Drilling leapt as much as 30 per cent in debut following the largest ever IPO in Abu Dhabi stock exchange that had raised a whacking $1.1 billion.

Outside the Gulf, Egypt’s blue-chip index had beaten a hasty retreat of 1.4 per cent with the shares’ prices of Commercial International Bank Egypt plummeting more than 2 per cent. Elsewhere in the Gulf, Qatar’s benchmark index edged 0.2 per cent lower with Qatar National Bank having been nudged 0.8 per cent lower.