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Markets

Abu Dhabi falls, Saudi gains as major Gulf bourses end mixed

  • The Abu Dhabi index eased 0.2%, with Alpha Dhabi Holding shedding 2.5%, despite a sharp rise in its quarterly earnings
Updated 25 Oct, 2021

Abu Dhabi's stock index ended lower on Monday following record highs in the previous session, while Saudi Arabian shares reversed course to close in the green as major Gulf bourses marked a mixed note.

The Abu Dhabi index eased 0.2%, with Alpha Dhabi Holding shedding 2.5%, despite a sharp rise in its quarterly earnings.

Aldar Properties lost 1%, a day after the company said it would create job opportunities for 1,000 UAE nationals over the next five years.

Saudi Arabia's benchmark index added 0.4%, led by a 1.6% rise in Al Rajhi Bank after it reported a rise in quarterly net profit.

Investors jumped in after a light correction, supported by strong oil prices and demand, said Wael Makarem, senior market strategist at Exness. He, however, added that the index remained exposed to possible corrections over the short term.

Saudi at its highest in over 15-years, Qatar edges up

Oil prices extended gains to hit multi-year highs on Monday, lifted by tight global supply and strengthening fuel demand in the United States and beyond.

Dubai's main share index closed 0.5% lower, weighed down by a 1.4% drop in Emirates NBD Bank and a 1.5% decrease in logistic firm Aramex, snapping a four-day winning streak.

In the previous two sessions, Aramex rose about 24%, following a direct deal worth 1.41 billion dirhams ($383.90 million) for its 295 million shares.

The Qatari index inched 0.1% higher, with petrochemical maker Industries Qatar advancing 2.1% ahead of its earnings announcement.

Commercial Bank gained 0.9% after it posted strong earnings for the first nine months of 2021.

Outside the Gulf, Egypt's blue-chip index fell 0.1%, with most stocks ending in the red.

"The market has been trading sideways for a couple of trading sessions as investors search for drivers after a tremendous rally at the beginning of the month," said Makarem.

SAUDI ARABIA rose 0.4% to 11,890

ABU DHABI fell 0.2% to 7,934

DUBAI down 0.5% to 2,866

QATAR added 0.1% to 11,834

EGYPT lost 0.1% to 11,178

BAHRAIN gained 0.2% to 1,739

OMAN rose 0.5% to 4,012

KUWAIT was flat at 7,558

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