DUBAI: Gulf equities put in a mixed performance on Monday as higher oil prices lent some support, but investors stayed cautious ahead of US Federal Reserve’s policy meeting later this week.
Crude prices, a catalyst for the Gulf’s financial markets, rose, with Brent up 0.3 percent to USD67.15 a barrel by 1250 GMT, underpinned by disruption risks from Ukrainian attacks on Russian energy facilities.
Dubai’s benchmark stock index edged 0.2 percent higher, extending its gain to a third consecutive session, supported by a 6.9 percent rise in Gulf Navigation and a 2.4 percent advance in the emirate’s largest lender, Emirates NBD.
The Abu Dhabi benchmark index was up for a third straight day, climbing 0.2 percent.
Abu Dhabi Commercial Bank rose 4 percent and Abu Dhabi Islamic Bank added 2.3 percent, while Aldar Properties lost 1.1 percent. Blue-chip developer Aldar said it has sold Al Deem townhomes, generating over 1.8 billion dirhams (USD490.09 million).
Saudi Arabia’s benchmark stock index was down for a fourth day, falling 0.1 percent to 10,427, its lowest level in nearly two years. Etihad Etisalat dropped 2 percent and Al Rajhi Bank slipped 2.1 percent. World’s largest Islamic lender, Al Rajhi, declared an interim cash dividend of SAR 0.75 per share, 40 percent lower from a year earlier.
Fawaz Abdulaziz Al Hokair & Co soared 10 percent, its biggest intraday percentage gain in over two months. The retailer said on Sunday it has signed a 1.60 billion riyals (USD426.53 million)banking facility agreement with Emirates NBD Bank – Kingdom of Saudi Arabia to prepay debts.
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