Sunday 25 July 2021

MIDEAST STOCKS #AbuDhabi hits record high as most Gulf markets gain | Reuters

MIDEAST STOCKS Abu Dhabi hits record high as most Gulf markets gain | Reuters



Most Gulf bourses ended higher on Sunday, as they reopened after a long Eid break, with the Abu Dhabi index hitting a record high.

During holidays in the Gulf, traders typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed.

Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) rising 1.1% and Saudi Arabian Mining Company (1211.SE) up more than 5%.

Yanbu National Petrochemicals Company (2290.SE) advanced 2.2% after it announced completion of all required maintenance work and resumption of operations at the company's plants.

After trading hours, the petrochemical firm also reported a sharp rise in quarterly net profit.

Dubai's main share index (.DFMGI) finished 1.1% higher, buoyed by a 3.1% gain in Emirates NBD Bank (ENBD.DU), ahead of its board meeting on Tuesday to discuss first-half financial statements.

In Abu Dhabi the index (.ADI) added 0.6%, hitting a record high, buoyed by a 0.7% rise in telecoms firm Etisalat (ETISALAT.AD), while Abu Dhabi Islamic Bank (ADIB.AD) was up 2.1%.

The sharia-compliant lender has called a board meeting on Wednesday to discuss and approve second-quarter earnings.

Elsewhere, Dana Gas (DANA.AD) jumped 2.5% after the energy firm won an arbitration on the sale of assets in Egypt.

In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, had requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt. read more

The Qatari benchmark (.QSI) closed 0.8% higher, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, and Qatar Islamic Bank (QISB.QA) rising 1.1% each.

Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.9%, as most of the stocks on the index were in positive territory including top lender Commercial International Bank (COMI.CA), which was up 0.8%.


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