Gulf bourses end mixed as Saudi snaps four-session winning streak

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Gulf bourses end mixed as Saudi snaps four-session winning streak

On Sunday, a basket of Mideast bourses had wrapped up the session in an ambivalent complexion with Saudi’s benchmark index snapping up a four-session long rally despite an upbeat opening of the day. In point of fact, in the day’s Gulf market, Mideast bourses had opened up the session in a riant texture as US crude futures’ prices, a critical gauge to Gulf investors’ morale, had jumped as much as 4.0 per cent last week, however, major bourses had botched to maintain a morning momentum and winded up mostly mixed with cautions rising over a potential ripple effect of China’s debt-strapped property developer Evergrande, which is more likely to miss a $150 million repayment in US-Dollar denominated bond coupon due as early as this week.

Gulf bourses end mixed

Citing statistics, in the day’s Gulf market wind-up, Saudi’s benchmark index tumbled 1.3 per cent with SABIC Agri-Nutrients Co shedding 2.2 per cent, while the Mideast’s largest dairy company, Almarai fell 2.2 per cent after reporting a quarterly profit of $109.1 million compared to a $165.3 million logged in the same time a year earlier.

Nonetheless, a 3.0 per cent climb in Methanol Chemicals had kept a lid on the losses. Dubai’s main index rounded off the session flatlined with property stocks eclipsing gains of financial shares, while Abu Dhabi’s main index gained 0.3 per cent following a 2.9 per cent and a 0.5 per cent jump in Alpha Dhabi Holding and International Holding Co respectively.

Outside the Gulf, Egypt’s blue-chip index advanced 1.2 per cent, mostly galvanized by a 1.9 per cent gain in the nation’s leading lender Commercial International Bank, as Egyptian economy had reported a 6.6 per cent increase in consumer prices last month compared to a 5.7 per cent logged in August, which remains well within a Central Bank’s target range between 5 per cent and 9 per cent.

Elsewhere in the Gulf, Qatar’s main index added 0.2 per cent with Mesaieed Petrochemical leapfrogging 1.7 per cent.