Wednesday, 20 November 2024

Most Gulf bourses fall; #Dubai hits 10-year high | Reuters

Most Gulf bourses fall; Dubai hits 10-year high | Reuters


Most stock markets in the Gulf were subdued on Wednesday as investors turned cautious amid simmering geopolitical tensions, although Dubai index hit an over 10-year high on finance and real estate sector gains.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab eased 0.2%, weighed down by a 0.8% drop in International Holding Company (IHC.AD), opens new tab and a 0.9% decline in the UAE's largest lender, First Abu Dhabi Bank (FAB.AD), opens new tab.

Among other losers, Abu Dhabi National Hotels (ADNH.AD), opens new tab and its catering arm ADNH Catering (ADNHC.AD), opens new tab dropped 1.6% and 1%, respectively. ADNH Catering said on Tuesday it would raise its stake in Compass Arabia to 50% from 30%.

Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.1% after three consecutive session of gains, with most sectors in the red. Saudi Arabian Mining (1211.SE), opens new tab fell 1.1% and Jabal Omar Development (4250.SE), opens new tab slipped 2.3%. Real estate developer said in a statement to the Exchange it had appointed Abdulrahman Bajunaid as new CEO, effective Jan 2025.

Meanwhile, Knowledge Tower Trading (9551.SE), opens new tab surged 7.2% to 11.62 riyal per share, its highest level since listing in November 2022 on Nomu Parallel Market. Education services provider's board decided to transfer it to the main market.

Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.6% to 4,761, its highest level in more than 10 years. Emirates NBD(ENBD.DU), opens new tab, the emirate's largest lender, added 2.8% and Dubai Financial Market(DFM.DU), opens new tab, the operator of exchange (DFM) rose 4.5%, the sharpest daily rise in more than 1-1/2 years.

The Qatari benchmark index (.QSI), opens new tab inched up 0.1% after early choppy trading. Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, added 0.5% and Ooredoo (ORDS.QA), opens new tab gained 1.5%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its decline to a fourth session, ending 0.3% lower with most stocks in the red. Eastern Company (EAST.CA), opens new tab dropped 1.6% and EFG Holding (HRHO.CA), opens new tab slid 1.2%.

"Market participants appear to be securing liquidity ahead of United Bank's upcoming IPO," said George Pavel, general manager at Naga.com Middle East.

Egypt's central bank began the sale of 30% of United Bank (UBEE.CA), opens new tab on Wednesday, marking only the second privatisation of a state-owned Egyptian lender in four years after a gap of more than a decade.