Mideast Stocks: Dubai outperforms most Gulf bourses; Saudi falls

Sa Sa International Holdings

15/11/2021 08:10

Nov 15 (Reuters) - Dubai stocks rose sharply in early trade
on Monday to their highest since March 2018, supported by upbeat
corporate earnings, while the Saudi index eased amid falling oil
prices.
    Crude oil prices fell under pressure from expectations of
increasing supplies and a lower demand forecast amid higher
energy costs.  O/R 
    Oil markets have dropped for the last three weeks, hit by a
strengthening dollar and speculation that President Joe Biden's
administration might release oil from the U.S. Strategic
Petroleum Reserve to cool prices.
    Dubai's main share index  .DFMGI  advanced 1.5%, boosted by
a 2% rise in blue-chip developer Emaar Properties  EMAR.DU 
after reporting a sharp rise in quarterly profit.  urn:newsml:reuters.com:*:nFWN2S403J
    Dubai Financial Market  DFM.DU  soared more than 12%, rising
for a ninth session in eleven.
    Earlier this month, the emirate announced plans to launch a
2 billion dirham ($545 million) market-maker fund and initial
public offerings of 10 state-backed companies as part of plans
to boost activity on the local bourse.  urn:newsml:reuters.com:*:nL1N2RS1OZ
    Dubai plans to list its "Salik" road toll system on the
Dubai Financial Market, the emirate's deputy ruler, Sheikh
Maktoum Bin Mohammed, said on Twitter on Saturday.  urn:newsml:reuters.com:*:nL1N2S5028
    Elsewhere, Amlak Finance  AMLK.DU  jumped about 15%, after
it swung to quarterly profit.  urn:newsml:reuters.com:*:nFWN2S403I
    Dubai International Airport handled 20.7 million passengers
in the first 10 months of the year, half of which passed through
the major Gulf transit hub between July and October, operator
Dubai Airports said on Monday, upwardly revising its outlook.
 urn:newsml:reuters.com:*:nL8N2S50BU
    Saudi Arabia's benchmark index  .TASI  fell 0.1%, with Saudi
National Bank  1180.SE  losing 0.9% and Al Rajhi Bank  1120.SE 
was down 0.1%.
    The kingdom's consumer price index increased by 0.8% in
October from a year earlier and was 0.2% higher on the month,
government data showed on Monday.  urn:newsml:reuters.com:*:nB8N2KY02H
    In Abu Dhabi, the index  .ADI  dropped 0.6%, pulling back
from record highs, hit by a 2% decline in conglomerate
International Holding  IHC.AD .   
    Elsewhere, Bank of Sharjah  BOS.AD  tumbled 5.7%, after it
posted a net loss of 833.3 million dirhams ($226.90 million) for
the third quarter, compared to profit of 110.4 million dirhams a
year ago.  urn:newsml:reuters.com:*:nL4N2S6190
    The Qatari index  .QSI  traded flat, as gains in financial
shares were offset by declines in energy stocks.
    Qatar Stock Exchange on Monday announced the launch of the
ESG tradable index in collaboration with MSCI.  urn:newsml:reuters.com:*:nFWN2S407Y
    
($1 = 3.6726 UAE dirham)

 (Reporting by Ateeq Shariff in Bengaluru
Editing by Gareth Jones)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))