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Markets

Major Gulf bourses end mixed, Abu Dhabi falls most

  • In Abu Dhabi, the index dropped 0.7%, retreating further from record highs, weighed down by a 1.3% fall in the country's largest lender First Abu Dhabi Bank
Published September 13, 2021

Major stock markets in the Gulf ended mixed on Monday, with the Abu Dhabi index falling the most, as investors remained cautious about global economic recovery and the oil market.

US House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% as part of a sweeping plan that includes tax increases on the wealthy, corporations, and investors, according to two people familiar with the matter.

World stocks have been pressured by inflation which may prove less transitory than flagged by central bankers, and signs that governments are keen to get more tax from companies and to make them toe a stricter regulatory line.

In Abu Dhabi, the index dropped 0.7%, retreating further from record highs, weighed down by a 1.3% fall in the country's largest lender First Abu Dhabi Bank.

Separately, state oil giant Abu Dhabi National Oil Co (ADNOC) has set a price for the initial public offering of its drilling unit, giving ADNOC Drilling an equity valuation of $10 billion.

ADNOC Drilling is expected to list on the Abu Dhabi Securities Exchange (ADX) on or around Oct. 3.

Dubai's main share index fell 0.3%, with blue-chip developer Emaar Properties losing 0.7% and logistics firm Aramex declining 1.3%.

Oil drags most Gulf bourses lower; Saudi extends gains

Saudi Arabia's benchmark index reversed early losses to close 0.4% higher, led by a 1.2% gain in Saudi Telecom Company.

The kingdom's economy posted annual growth of 1.8% in the second quarter, according to official gross domestic product (GDP) estimates, but the non-oil sector of the world's largest oil exporter lost steam.

In Qatar, the index edged up 0.1%, helped by a 0.5% increase in petrochemical maker Industries Qatar.

Outside the Gulf, Egypt's blue-chip index advanced 0.9% following a week-long correction. The market is supported by stronger fundamentals in Europe, an important trading partner, said Daniel Takieddine, Senior Market Analyst at FXPrimus.

"The bullish sentiment in European markets should stimulate investments in the Egyptian market."

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