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Markets

Major Gulf stocks mixed; UAE, Saudi set for monthly gain

  • Abu Dhabi and Dubai stocks have gained more than 29% and 12%, respectively, this year following the end of a political rift with Qatar, improving business activities and analysts' expectations of property prices.
31 May 2021

Major Gulf stock markets were mixed in early trade on Monday, with indexes in the United Arab Emirates and Saudi Arabia set for monthly gains amid rising oil prices and signs of economic recovery.

Brent crude futures have gained more than 3% this month and are up more than 34% year-on-year, according to Refinitiv Eikon data.

The United Arab Emirates' non-oil sector expanded in April as the seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) edged up to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50.0 line that separates growth from contraction.

Saudi Arabia's PMI rose 55.2 in April, remaining above the 50 mark for the eighth straight month.

The Abu Dhabi index was up 0.2% and set for its second best monthly close this year.

First Abu Dhabi Bank increased 0.5% and Emirates Telecommunications Group added 0.4%.

The index in Dubai edged down 0.1% as financial and property shares traded lower. Dubai Islamic Bank lost 0.4%, while Emaar Development shed 1.1%.

Dubai is set to register its third monthly gain this year when it closes on Monday.

Abu Dhabi and Dubai stocks have gained more than 29% and 12%, respectively, this year following the end of a political rift with Qatar, improving business activities and analysts' expectations of property prices.

Saudi Arabia's all shares index was trading flat and set to record a fifth monthly rise this year. Saudi National Bank was down 0.6% and Saudi British Bank was up 0.7%.

The Qatari index was up 0.3% but on track for a monthly loss. Industrial and financial stocks supported the index as Commercial Bank rose 2.2% and Industries Qatar gained 0.8%.