DUBAI: Most major stock markets in the Gulf ended higher on Monday amid rising oil prices, with Dubai’s index gaining the most, although the Saudi shares gave up early gains to close lower.
“GCC markets were supported by a surge in oil prices thanks to a weaker dollar,” said Daniel Takieddine, a senior market analyst at FXPrimus.
Dubai’s main share index advanced 0.7%, buoyed by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank .
Almost all shares on the property sector index finished higher, with blue-chip developer Emaar Properties adding 1%.
Dubai’s residential property market is on a steady course, with prices expected to rise modestly over the next couple of years, according to a Reuters poll of housing analysts.
The Abu Dhabi index edged up 0.1%, as a rise in National Bank of Umm Al Qaiwain offset a 0.8% slide in telecoms firm Etisalat.
The Qatari benchmark gained 0.5%, driven by financial stocks, with Qatar Islamic Bank gaining 1.1%.
The Gulf state’s cabinet approved lifting the percentage of non-Qatari ownership in the capital of Qatar National Bank, Qatar Islamic Bank, Commercial Bank and Al Rayan Bank to 100%, which could attract more liquidity to the bourse.
Saudi Arabia’s benchmark index gave up early gains to end 0.1% lower, hit by a 2.4% drop in Saudi Telecom Company.
Kingdom Holding, controlled by Saudi Arabian prince Alwaleed bin Talal, added 1.4% after it swung to a quarterly net profit.
Outside the Gulf, Egypt’s blue-chip index climbed more than 1%, with top lender Commercial International Bank gaining 3.8%
Egypt will vaccinate all 4.5 million state employees against COVID-19 in August and September as it seeks to accelerate vaccinations ahead of a likely fourth wave of infections.
SAUDI ARABIA shed 0.1% to 11,063
ABU DHABI added 0.1% to 7,684
DUBAI rose 0.7% to 2,889
QATAR gained 0.5% to 11,134
EGYPT up 1.8% to 10,884
BAHRAIN dropped 0.4% to 1,642
OMAN lost 0.3% to 3,960
KUWAIT rose 0.2% to 7,289.