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Markets

Dubai bourse extends losses as Egypt outperforms

  • Dubai's main share index fell 0.3%, with sharia-compliant lender Dubai Islamic Bank losing 1.2%, whereas Emirates NBD Bank closed 0.4% lower
Updated 14 Sep 2021

Dubai's stock market ended lower on Tuesday, extending losses for a second consecutive session, while investors in Egypt were optimistic about the central bank keeping interest rates on hold.

Dubai's main share index fell 0.3%, with sharia-compliant lender Dubai Islamic Bank losing 1.2%, whereas Emirates NBD Bank closed 0.4% lower.

The emirate's bourse continues its price correction weighed by global uncertainties, said Daniel Takieddine, senior market analyst at FXPrimus.

Markets are awaiting US inflation data on Tuesday, expected to show core consumer prices rose 0.3% in August. Prices were up 0.3% the previous month and 0.9% in June.

Higher values could prompt the US Federal Reserve to take a more aggressive stance regarding its asset purchasing programme, reducing liquidity and removing support for equities, Takieddine added.

Egypt's blue-chip index gained 0.4%, outperforming regional peers, as most of the stocks on the index were in positive territory.

The market sentiment is positive as it expects the central bank to keep on hold rates which have already been at their lowest levels for years, said Takieddine.

Oil drags most Gulf bourses lower; Saudi extends gains

"Investors are also enthusiastic as the Egyptian exchange takes more steps towards setting up a more favourable environment for initial public offerings."

In June, the head of Egypt's Financial Regulation Authority said he expected the government to start its programme of initial public offerings in September, and that two or three companies should be listed by the end of the year.

Saudi Arabia's benchmark index eased 0.1%, with Riyad Bank dropping 1.3% and petrochemical firm Saudi Basic Industries Corp falling 0.7%.

In Abu Dhabi, the index reversed early losses to finish flat.

The UAE's Aldar Properties and ADQ have submitted a request to Egypt's Financial Regulatory Authority to acquire up to 90% of Egyptian property developer SODIC.

Aldar fell 0.2%, while Egypt's SODIC advanced about 4%.

Elsewhere, the Qatari benchmark added 0.4%, with Industries Qatar rising 1%.

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