Major stock markets in the Gulf were mixed on Sunday, with the Saudi index extending gains from the previous session, while Egyptian stocks retreated due to a broad selloff in blue-chip shares.
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 1.7% rise in Saudi Telecom Company (STC) (7010.SE) after its unit Arabian Internet and Communications Services Co set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($959.90 million).
STC unit's IPO is among a spate of deals hitting the Saudi Arabian exchange this year including Acwa Power's more than $1 billion IPO and another offering from Saudi Tadawul Group.
Meanwhile, Yemen's Houthi group attacked oil facilities belonging to Saudi Aramco (2222.SE) in Ras Tanura, in the east of the kingdom, and other locations including Jeddah, on the Red Sea coast, a military spokesman for the Iran-aligned group said on Sunday. read more
However, oil giant Aramco closed flat.
In Abu Dhabi, the index (.ADI) fell 0.2%, pressured by a 1.9% slide in Emirates Telecommunications Group (ETISALAT.AD).
Abu Dhabi, the United Arab Emirates' capital, removed the need to quarantine for all vaccinated travellers arriving from international destinations starting Sunday. read more
Dubai's main share index (.DFMG), however, traded flat.
Budget airline Air Arabia (AIRA.DU) gained 0.7% after Friday's announcement that it would launch a low-cost carrier in partnership with Pakistan's Lakson Group to serve domestic and international routes from Pakistan. read more
The new carrier, Fly Jinnah, will operate as a joint venture, the companies said in a statement, adopting the low-cost model operated by Air Arabia.
The Qatari index (.QSI) eased 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.8%, as 28 of 30 stocks on the index were in negative territory including top lender Commercial International Bank (COMI.CA), which was down 1.5%.
Egypt's non-petroleum private sector activity shrank for a ninth month in a row in August, but inched closer to growth as local firms rapidly expanded their purchasing on increased demand, a survey showed on Sunday. read more
In Egypt, the PMI reading was better overall, coming in closer to growth levels. However, the improvement was not sufficient to avoid a clear decline in the market, said Wael Makarem, senior market strategist at Exness.
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