DUBAI: Most Gulf stock markets ended higher on Sunday, buoyed by a rise in oil prices due to easing concerns over the Omicron coronavirus variant’s impact on global growth and fuel demand. Saudi Arabia’s benchmark index rose 0.3%, with Sahara International Petrochemical Company rising 3.3% and petrochemical maker Saudi Basic Industries Corp adding 1.1%.
However, the index’s gains were limited by losses at Saudi Telecom Company (STC), which dropped about 3% after the final price for the sale of 120 million shares of the company was set at 100 riyals per share, at the lower end of an earlier price range of 100 to 116 riyals.
The Saudi sovereign wealth fund, the Public Investment Fund, is set to raise 12 billion riyals ($3.20 billion) through the sale of a 6% stake in STC. Dubai’s main share index edged 0.2% higher, rising for an eighth session, helped by a 0.6% increase in sharia-compliant lender Dubai Islamic Bank.
Dubai’s deputy ruler and finance minister Sheikh Maktoum Bin Mohammed announced the listing of Emirates Central Cooling Systems Corporation (Empower), the emirate’s media office reported on Saturday. The government announced plans for Empower’s flotation among 10 state-backed companies to be listed as part of efforts to boost activity on the local bourse.
The listings are aimed at making Dubai a more competitive market against bigger bourses in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi, which are achieving larger listings and strong liquidity. In Abu Dhabi, the index gained 1%, snapping three sessions of losses, with Emirates Telecommunication Group rising 2.3%.
The United Arab Emirates expects its move to a 4-1/2 day working week and a Saturday-Sunday weekend will boost its economy and make it a more attractive place for foreigners to live, the minister of human resources and Emiratisation said on Wednesday. Last week, the UAE announced that from the start of 2022 it would shift to a working week that ends on Friday afternoon, with a Saturday-Sunday weekend instead of Friday and Saturday.
Outside the Gulf, Egypt’s blue-chip index advanced 1.5%, buoyed by a 2.7% rise in top lender Commercial International Bank.
SAUDI ARABIA added 0.3% to 10,969
ABU DHABI advanced 1% to 8,971
DUBAI added 0.2% to 3,231
QATAR was flat at 11,624
EGYPT rose 1.5% to 11,708
BAHRAIN was flat at 1,786
OMAN fell 0.5% to 3,987
KUWAIT eased 0.2% to 7,615.
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