Saudi stocks bounce back, major Gulf markets end mixed

23 Nov, 2021

Saudi Arabian shares closed higher on Tuesday, snapping three straight sessions of losses, while major Gulf stock markets ended the day mixed.

Saudi Arabia's benchmark index closed about 0.8% higher after three days of declines triggered by regional tensions with Yemen's Iran-aligned Houthis, who claimed responsibility for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah.

Market-heavyweight Al Rjahi Bank rose 2.1% and Saudi Arabian Mining jumped 4.5%, while the oil giant Saudi Aramco gained 1%.

In Abu Dhabi, the index gained nearly 0.8% as Emirates Telecommunications Group (Etisalat) increased 2.8% and International Holding Company rose 2%.

Etisalat rose for a third straight day, riding on last week's agreement to acquire Dubai-based grocery delivery platform elGrocer DMCC.

The Dubai index fell 0.9% in its third straight day of decline, as property and financial shares weighed the most.

Saudi bourse suffers biggest fall in over a year after drone attacks

Emaar Properties, which completed a merger with its shopping malls operator unit Emaar Malls, fell 2%, while lenders Dubai Islamic Bank and Emirates NBD dropped 1.9% and 1.8%, respectively.

The Qatari index closed 0.1% lower. Islamic lender Masraf Al Rayan led losses, falling 1.5%, while Industries Qatar added 0.7%.

Outside the Gulf, the Egyptian blue-chip index edged up 0.1%. Real estate investor TMG Holding and investment bank EFG Hermes Holdings climbed 2.5% and 1.6%, respectively.

However, the gains were capped by a 0.6% fall in the country's largest lender Commercial International Bank Egypt.

SAUDI ARABIA rose 0.8% to 11,256

ABU DHABI added 0.8% to 8,407

DUBAI eased 0.9% to 3,144

QATAR was down 0.1% to 11,796

EGYPT gained 0.1% to 11,369

BAHRAIN inched down 0.1% to 1,786

OMAN down 0.3% to 4,051

KUWAIT lost 0.3% to 7,7775

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