Mideast Stocks: Major Gulf bourses ease, banks buoy Saudi index

The Commercial Bank (P.S.Q.C.)

10/08/2021 14:54

* Dubai index ends eight sessions of gains 

    By Ateeq Shariff
    Aug 10 (Reuters) - Dubai's share index ended an
eight-session winning streak on Tuesday and most other major
stock markets in the Gulf also retreated, but the Saudi market
rose thanks to gains in banks.
    Saudi Arabia's benchmark index advanced 0.9%, with Saudi
National Bank  1180.SE  rising 3.5%, a day after the country's
largest lender proposed a cash dividend of 0.65 riyal per share
for the first half.  urn:newsml:reuters.com:*:nFWN2PF03L
    Among other gainers, Dallah Healthcare  4004.SE  added 1.8%
following a rise in its quarterly profit.
    The kingdom's economy grew in the second quarter for the
first time since the coronavirus pandemic began, fuelled by
10.1% growth in the non-oil sector, according to flash
government estimates on Monday.  urn:newsml:reuters.com:*:nL1N2PG07F
    Separately, the Saudi Exchange on Monday announced the
listing of Banan Real Estate on the parallel market on Aug. 11.
    Dubai's main share index  .DFMGI  lost 0.2%, hit by a 0.8%
fall in sharia-compliant lender Dubai Islamic Bank  DISB.DU .
    In Abu Dhabi, the index  .ADX  dropped 0.2%, pressured by a
0.4% fall in the country's largest lender, First Abu Dhabi Bank
 FAB.AD .
    Among other decliners, Ras Al Khaimah Cement Co  RAKCC.AD 
tumbled about 10% to become the top loser on the index. Last
week, the cement firm posted a net loss of 7.2 million dirhams
for the second quarter.  urn:newsml:reuters.com:*:nFWN2PB0NE
    The Qatari index  .QSI  lost 0.3%, as most of the
constituents of the index retreated, including Commercial Bank
 COMB.QA , which was down 1.9%.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  gained
0.5%, with top lender Commercial International Bank  COMI.CA 
rising 2%.
    Egypt on Monday received its first shipment of one-shot
Johnson & Johnson  JNJ.N  COVID-19 vaccines, obtaining 261,600
doses in cooperation with the African Union, the health ministry
said.  urn:newsml:reuters.com:*:nL4N2PG1O9
    The country has also received shipments of the Sputnik,
Sinopharm and Oxford-AstraZeneca shots.
    
 SAUDI ARABIA   .TASI  rose 0.8% to 11,300
 ABU DHABI      .ADI  eased 0.2% to 7,559
 DUBAI          .DFMGI  down 0.4% to 2,817
 QATAR          .QSI  lost 0.3% to 10,913
 EGYPT          .EGX30  up 0.5% to 10,854
 BAHRAIN        .BAX  gained 0.4% to 1,618
 OMAN           .MSX30  fell 0.2% to 4,000
 KUWAIT         .BKP  added 0.5% to 7,190
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Aditya
Soni)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))