DUBAI: Major stock markets in the Gulf ended mixed on Monday, with the Saudi index snapping a five-day losing streak and Qatar falling for a third consecutive session.
Saudi Arabia’s benchmark index rose 0.1%, with Al Rajhi Bank and petrochemical maker Saudi Basic Industries gaining nearly 1% each.
In Abu Dhabi, the index finished up 0.4%, led by gains in telecoms firm Etisalat, which rose 1.2%.
Markets in the Gulf have started to stabilize after last week’s fall as new geopolitical tendencies emerge in the region with Saudi Arabia and Oman taking steps to build a warmer relationship, said Daniel Takieddine, a senior market analyst at FXPrimus.
“The ruler of Oman visited the Saudi kingdom, a move that highlights a trend of collaboration and economic partnership in the region,” Takieddine said.
Separately, Abu Dhabi’s ADX securities market said shares of Al Yah Satellite Communications will be listed on the main market with effect from July 14.
The initial public offering of Yahsat, the satellite company of Abu Dhabi state investor Mubadala, is set to raise 2.68 billion dirhams ($729.69 million) after the deal was priced around the middle of an indicative price range.
Dubai’s main share index gave up early gains to close 0.1% lower. as Shariah-compliant lender Dubai Islamic Bank lost 1% and Dubai Investments declined 0.6%.
On the other hand, Shuaa Capital advanced 1.7%, extending gains for a second consecutive session.
The United Arab Emirates financial firm Shuaa said on Sunday, in a clarification of a media report, that it is in the early stages of research and talks with investment banks about the possibility of establishing special purpose vehicles.
In Qatar, the index eased 0.2%, hit by a 0.9% fall in petrochemical firm Industries Qatar.
The Qatari market should return to the black as the Saudi and Emirati bourses consolidate their growth and new economic developments impact the Qatari economy positively, said Takieddine.
Elsewhere, Qatar National Bank, the Gulf’s largest lender, added 0.1%, a day after it reported a higher second-quarter profit.
Outside the Gulf, Egypt’s blue-chip index was up 0.8%, with top lender Commercial International Bank rising 0.9%.
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