Major Gulf indexes rose on Monday, with the Qatari index jumping more than 2% as investors awaited the results of Qatar National Bank due later in the day.
Meanwhile, global shares slid and oil prices fell as caution gripped markets ahead of central bank meetings and US inflation data, and worries over the lockdowns in China continued.
Investors continued to flock markets in Dubai ahead of Dubai Electricity and Water Authority’s (DEWA) 22.32 billion dirhams ($6.08 billion) initial public offering.
The index was up 0.7%, boosted by financial and communication services stocks. Emirates Refreshments and Air Arabia, each up more than 3%, were the top percentage gainers.
The Qatari index rose for a second consecutive session as Qatar National Bank jumped 6.4%.
Qatar stocks outperform region; Egypt in red
Qatar International Islamic Bank rose for a second session and was up 3.4% a day after the lender and Qatar Development Bank (QDB) concluded an update on the ‘Al-Dhameen’ Programme, following the elapse of 10 years.
Saudi Arabia’s benchmark index was trading flat. Shares of Saudi Basic Industries, Northern Region Cement Company and Saudi Cement Company fell between 2% and 4% as these stocks began trading ex-dividend.
In Abu Dhabi, the index rose 0.5%.
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