On Sunday, a swathe of major Gulf stock indices had closed out the session sharply higher with Abu Dhabi hitting a record high, however, Dubai spanned its latest leg of losing run amid a sustenance in profit-taking frenzy. In point of fact, in the day’s havoc-scale gains in major Mid-east bourses had almost entirely galvanized by a sharp shoot-up in petrochemical stocks, as both US and Brent crude oil futures’ prices had soared more than 2.0 per cent on Friday, though, both benchmarks had winded up the week in red inks amid a profit taking wave. On top of that, a much-awaited lift of international travel bans in the world’s first- and third-largest economies such as United States alongside Japan, respectively, with UAE further easing travel restrictions for more countries, had ramped up optimisms over a mass-scale improvement in global business landscape.
Gulf stocks shelve lofty gains
Citing statistics, in the day’s Gulf market wind-down, Saudi’s benchmark index gained as much as 1.0 per cent with petrochemical manufacturer SABIC (Saudi Basic Industries Corp) advancing 1.7 per cent, while credit rating agency Moody’s had upgraded Saudi’s outlook to ‘stable’ from a previous ‘negative.’ Though, Dubai’s main index edged 0.3 per cent lower with blue-chip developer Emaar Properties plummeting more than 1.5 per cent, as investors in Dubai still appear to be engaged in a profit-taking wave, while Abu Dhabi jumped 1.0 per cent, hitting a record closing high as beforementioned with Dana Gas and International Holding Cofollowing soaring as much as 9.2 per cent and 3.5 per cent respectively.
Outside the Gulf, Egypt’s blue-chip index tottered 0.5 per cent with the country’s leading lender Commercial International Bank shedding 1.3 per cent. Elsewhere in the Gulf, Qatar’s benchmark index added 0.3 per cent, mostly buoyed up by a 0.7 per cent rise in Qatar National Bank, the largest lender in Mideast.