DUBAI: Dubai’s main index surged over 1% on Monday amid high expectations for state utility Dubai Electricity and Water Authority’s (DEWA) initial public offering, while sentiment was muted in Egypt after inflation surged.
DEWA, likely to begin trading on Tuesday, is set to raise 22.32 billion dirhams ($6.1 billion) in the Gulf’s biggest IPO since Saudi Aramco’s record deal in 2019.
“The launch could reinvigorate trading volumes as demand for the stock is still high,” said Wael Makarem, senior market strategist – MENA at Exness.
Dubai’s main share index ended up 1.3%, posting its best day in two weeks. Air Arabia drove the gains and ended up nearly 9%.
Outside the Gulf, Egypt’s blue-chip index dropped 1.6% in its sixth straight session of losses.
Egypt’s annual urban consumer price inflation accelerated in March to 10.5%, its highest in nearly three years, as commodity shortages drove price increases in the region.
Financials dragged the index, and only five stocks ended marginally higher.
The Qatari index extended gains to over 3% from the previous session to hit a record high, before paring the gains to end 0.1% higher.
Qatar National Bank rose 3.4% after it posted a 9% rise in quarterly profit.
Saudi Arabia’s benchmark index closed 0.7% up.
Shares of Saudi Basic Industries, Northern Region Cement Company and Saudi Cement Company fell between 2% and 4% as these stocks began trading ex-dividend.
In Abu Dhabi, the index rose 0.7%.
SAUDI ARABIA up 0.7% to 13,483
ABU DHABI rose 0.7% to 10,166
DUBAI added 1.3% to 3,588
QATAR rose 0.1% to 14,494
EGYPT shed 1.6% to 10,729
BAHRAIN was down 1.1% to 2,100
OMAN flat at 4,241
KUWAIT flat at 9,133.
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