Mideast Stocks: Abu Dhabi leads most Gulf bourses higher; Qatar dips
05/12/2021 13:42
By Ateeq Shariff
Dec 5 (Reuters) - Most Gulf bourses ended higher on Sunday,
with some recouping recent COVID-19-related losses, while the
Abu Dhabi index hit another record peak.
Saudi Arabia's benchmark index .TASI advanced 2.4%, buoyed
by a 3.6% rise in Al Rajhi Bank 1120.SE and a 7.4% leap in the
Sahara International Petrochemical Company 2310.SE .
The kingdom's non-oil private sector continued to grow in
November on the back of strong demand and modest price pressures
for businesses. urn:newsml:reuters.com:*:nZUN0040AG
Elsewhere, oil giant Saudi Aramco 2222.SE ended 0.7%
higher. The group said in a statement on Saturday it had signed
five agreements with French companies, including one to explore
a hydrogen-powered vehicle business with Gaussin. urn:newsml:reuters.com:*:nC6N2R502L
In Abu Dhabi the index .ADI reached another record high,
topping Tuesday's previous peak, and closed up 2.6%, with
Emirates Telecommunications Group ETISALAT.AD gaining for an
eighth session in nine to end 8.8% higher.
In November, the telecom operator signed an agreement to
acquire online grocery delivery marketplace elGrocer DMCC.
urn:newsml:reuters.com:*:nFWN2S81O2
Mubadala, Abu Dhabi's sovereign fund, said on Friday it had
agreed a 4 billion euro ($4.53 billion) contract with France's
public investment bank Bpifrance. urn:newsml:reuters.com:*:nFWN2SO03M
However tech-focused holding company Multiply Group
MULTIPLY.AD , which debuted on the Abu Dhabi Securities
Exchange on Sunday, dived more than 16% to 2 dirhams per share
from its opening price of 2.35 dirhams.
Dubai's main share index .DFMGI gained 0.5%, led by a 1.1%
rise in Emirates NBD Bank ENBD.DU and a 3.1% increase in
logistic firm Aramex ARMX.DU .
Crude prices, a key catalyst for the Gulf's financial
markets, ended little changed on Friday after erasing earlier
big gains on growing worries that rising coronavirus cases and a
new variant could cut global oil demand.
The Organization of the Petroleum Exporting Countries will
continue with its supply adjustments for the oil market, the
OPEC Secretary General said on Saturday. urn:newsml:reuters.com:*:nL1N2SP07J
The Qatari index .QSI eased 0.1%, hit by a 1.1% fall in
Qatar National Bank QNBK.QA , the Gulf's biggest lender.
Outside the Gulf, Egypt's blue-chip index .EGX30 finished
0.7% higher, with most of the stocks on the index in positive
territory.
SAUDI ARABIA .TASI leapt 2.4% to 11,142
ABU DHABI .ADI gained 2.6% to 8,772
DUBAI .DFMGI added 0.5% to 3,090
QATAR .QSI eased 0.1% to 11,587
EGYPT .EGX30 rose 0.7% to 11,401
BAHRAIN .BAX was up 0.4% to 1,768
OMAN .MSX30 rose 0.2% to 4,003
KUWAIT .BKP gained 0.5% to 7,573
($1 = 0.8839 euros)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Jan
Harvey)
((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))