DUBAI: Gulf markets ended mixed on Monday, with Abu Dhabi’s index marking its best day in over a month and as Dubai’s main share index slipped.
Caution prevailed in global financial markets and oil prices rose amid talk of more sanctions being imposed on Russia over its actions of Ukraine, while a closely watched part of the US yield curve continued to fuel recession worries.
Germany said the West would agree to impose more sanctions on Moscow in the coming days after Ukraine accused Russian forces of war crimes following civilian deaths near Kyiv.
Dubai’s main share index slipped 0.5%. The index had gained 3.7% last week, its second consecutive weekly rise, after DEWA’s initial public offering opened for subscription last month.
“The Dubai stock market could see some price corrections as investors move to secure their gains after the spikes that followed the success of DEWA’s IPO subscriptions,” said Wael Makarem, senior market strategist – MENA at Exness.
Abu Dhabi’s main index gained 1.3% in its biggest daily percentage rise since March 2.
Aldar Properties rose 0.4% after the company said it would buy a plot on Saadiyat Island.
Saudi Arabia’s benchmark index ended 0.6% higher, boosted by material and consumer stocks.
Saudi Arabian Mining Co (Ma’aden) rose 4%, a day after Saudi Arabia said the miner was among the eight companies that could bid for a mining licence in the kingdom.
Shares of Acwa Power jumped 10% after the company said it signed deals for Neom Green Hydrogen Project.
Qatar’s main index gained 0.4%, while Egypt ended 0.3% lower.
SAUDI ARABIA up 0.6% to 13,165
ABU DHABI rose 1.3% to 10,057
DUBAI lost 0.5% to 3,520
QATAR rose 0.4% to 13,564
EGYPT shed 0.3% to 11,529
BAHRAIN flat at 2,082
OMAN flat at 4,129
KUWAIT lost 0.6% to 8,966.