DUBAI (Reuters) – Contrasted performance Major stock markets in the Gulf Today, Monday, real estate companies pressured the Dubai index. But the Saudi benchmark index rose 0.5 percent to 10,098 points, with the share of petrochemicals producer Saudi Basic Industries Corporation (SABIC) rising 2.1 percent and Yanbu National Petrochemicals share of 2.8 percent after a strong increase in quarterly profits.
In the Dubai market, the index fell 0.1 percent to 2,633 points, affected by a 1.8 percent drop in Emaar Properties, the largest real estate company listed in the emirate, as it starts trading without the right to dividends on Tuesday. Emaar Malls slipped 2.1 percent. On the other hand, Emirates NBD shares closed 2.1 percent higher, limiting the index’s losses. On Sunday, the bank signed a trade finance agreement with the Export Credit Union. The Abu Dhabi index lost 0.4 percent to 6,102 points, weighed by the drop in Etisalat.
In the Bahrain market, the index rose 0.2 percent to 1,480 points. The Kuwait Stock Exchange index rose 0.3 percent to 6,542 points. In the Muscat market, the index fell 0.5 percent to 3,667 points. In Qatar, the index rebounded, rising 1.5 percent to 10,921 points, with most of its shares, including Industries Qatar, which is the heavyweight in the market, rising 4.7 percent. The Qatari Cabinet approved last week to allow non-Qatari investors to own up to 100 percent of the capital of companies listed on the Qatar Stock Exchange. It also decided to maintain the liquidity support provided by the central bank to local banks as necessary, while the country faces a second wave of the Coronavirus pandemic.
Outside the Gulf, the leading Egyptian index closed up 0.8 percent to 10441 points, with 24 of its 30 stocks rising, such as Commercial International Bank, the largest listed bank, which advanced 2.3 percent. Stock market data showed that foreign investors were net buyers of shares.
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