Mideast Stocks: Most major Gulf markets fall; Dubai gains

Sa Sa International Holdings

11/04/2021 09:21

April 11 (Reuters) - Stock markets in the Gulf slipped on
Sunday after oil prices fell at the end of last week, although
Dubai bucked the trend to trade higher.
     Oil prices settled lower on Friday and lost around 2% on
the week as production increases and renewed COVID-19 lockdowns
in some countries offset optimism about a recovery in fuel
demand.  O/R 
    The movement in oil prices is a key catalyst for the Gulf
region's financial markets.
    Saudi Arabia's benchmark index  .TASI  slipped 0.2%, hit by
a 1.1% fall in Al Rajhi Bank  1120.SE  and a 0.9% decline in
Saudi National Bank  1180.SE .
    However, oil behemoth Saudi Aramco  2222.SE  edged up 0.1%.
    It was supported by news that the company had agreed a $12.4
billion deal to sell a 49% stake in its pipelines to a
consortium led by U.S.-based EIG Global Energy Partners,
although the deal had been expected.  urn:newsml:reuters.com:*:nL1N2M22X2
    Announced late on Friday, it is the company's largest deal
since its record $29.4 billion initial public offering in late
2019.
    Dubai's main share index  .DFMGI  rose 0.5%, led by a 1.6%
gain in blue-chip developer Emaar Properties  EMAR.DU  and a
4.2% jump in DAMAC Properties  DAMAC.DU .
    In Abu Dhabi, the index  .ADI  fell 0.1%, with aquaculture
firm International Holding  IHC.AD  losing 0.4% and Gulf
Pharmaceutical Industries  JULPHAR.AD  tumbling 7.6%.
    Abu Dhabi National Oil Company (ADNOC) is considering
listing its drilling business on the local stock market,
according to three sources familiar with the matter.
 urn:newsml:reuters.com:*:nL8N2M11HI
    The state oil giant says its drilling company is the largest
in the Middle East.
    In Qatar, the index  .QSI  dropped 0.7%, pressured by a 5.5%
slide in utility firm Qatar Electricity and Water  QEWC.QA .

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