Major Gulf bourses eke out large gains as Abu Dhabi outperforms; Qatar falls

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Major Gulf bourses eke out large gains as Abu Dhabi outperforms; Qatar falls

On Sunday, a basket of major Gulf bourses had eked out lofty gains with Abu Dhabi hitting a new record peak, as lenders and petrochemical stocks had led the tally of gains. In point of fact, in the day’s Gulf bourses had largely been galvanized by an OPEC+ decision to cling on to a low-output policy, while an unprecedented scale of fall in US nonfarm payrolls in November had stoked prospects of an earlier-than-anticipated rate-hike alongside a faster bond-tapering program, eventually helping the Gulf’s financial stocks to edge higher.

In tandem, a raft of deal-making efforts between Gulf-based entities and French companies during a latest visit of French President Emmanuel Macron to major Mid-east economies including Saudi and the UAE, had stepped up investors’ optimism.

Aside from that, data released over the weekend had unveiled that the Kingdom of Saudi Arabia’s non-oil sector had continued to buoy up in November, adding further impetus on market participants’ morale.

Gulf bourses end sharply higher

Citing statistics, in the day’s Mid-east market wind-down, Saudi’s benchmark index leapt as much as 2.4 per cent, mostly driven by an upsurge of 3.6 per cent in Al Rajhi Bank alongside a 7.4 per cent jump in the shares’ prices of Sahara International Petrochemical Company.

Besides, the Kingdom’s state-backed oil giant Aramco closed 0.7 per cent higher, largely catalyzed by a Saturday statement that said the world’s most profitable company on an unaudited basis had signed off a five-year accord with French companies.

Abu Dhabi’s main index had spiked to another record closing high, gaining 2.6 per cent in the day with Etisalat climbing as much as 8.8 per cent, as Abu Dhabi state wealth fund, Mubadala, said in a statement on Friday that it had cut a €4 billion accord with French public investment bank Bpifrance, while Dubai’s benchmark index added 0.5 per cent with Emirates NBD Bank surging 1.1 per cent.

Outside the Gulf, Egypt’s main index closed out the session 0.7 per cent higher with a majority of its 30 blue-chip stocks wrapping up the day in a positive territory. Elsewhere in the Gulf, Qatar shed 0.1 per cent and Oman gained 0.2 per cent, while Kuwait and Bahrain added 0.5 per cent and 0.4 per cent respectively.