Economic Magazine

The Saudi stock market rose with the support of oil … The markets of Dubai and Qatar fell under the pressure of profit taking


Gulf stock markets mixed on Tuesday, with the Saudi bourse rising on the back of rising oil prices, while Dubai and Qatar fell under profit-taking pressure amid quiet trading ahead of the Eid holiday.
Markets are struggling to maintain momentum two days before the start of the Eid holiday, as the Dubai index fell 0.6 percent to 3079 points, under the pressure of losses of banks and real estate companies and logistics.
Emaar Properties, Dubai’s largest real estate developer, fell 0.8 percent, Commercial Bank of Dubai fell 4.7 percent and Aramex logistics fell 2.4 percent.
Abu Dhabi’s benchmark index stood at 4734 points, with Abu Dhabi’s First Bank gaining 0.7 percent, helping the index not to close down.
Emirates Telecommunications Corp (Etisalat), the biggest weighter in the index, fell 1.4 percent.
Saudi Arabia’s main index rose 0.3 percent, boosted by gains in equities and real estate. Jabal Omar Real Estate Development rose 1.8 percent and Dar Al Arkan Real Estate Development rose 2.7 percent.
The political rapprochement between the United States and North Korea is seen as a positive sign of growth in Asia, which will translate into increased oil imports from the Gulf states and higher oil prices, said Tariq Qaqish, Managing Director of Asset Management at Mena Corp.
The Qatar Exchange index fell 0.4 percent, under pressure Qatar National Bank fell 1.5 percent, Qatar’s share of gas transportation (Nakilat) 3.2 percent.
Egypt’s benchmark index rose 0.1 percent to 1,5,938 points, supported by banks and real estate companies.
Commercial International Bank (CIB) rose 2.6 percent and EFG-Hermes rose 2.7 percent. TMG rose 1.2 percent.
Following are the closing levels of Middle East equity markets yesterday.
In Saudi Arabia, the index rose 0.3 percent to 8270 points.
In Dubai, the index fell 0.6 percent to 3,079 points. Abu Dhabi .. The index settled at 4734 points.
Qatar .. The index fell 0.5 percent to 9161 points. KUWAIT: The index rose 0.6 percent to 4,781 points.
Bahrain .. The index rose 0.5 percent to 1288 points. Oman: The index fell 0.1 percent to 4,598 points.
Egypt .. The index rose 0.1 per cent to 15938 points.

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