Most stock markets in the Gulf closed lower on Sunday, with the Saudi index ending five sessions of gains, although the Abu Dhabi index bucked the trend to finish higher.
Saudi Arabia's benchmark index (.TASI) dropped 0.4%, weighed down by a 3.3% fall in Saudi Telecom Company (STC) (7010.SE).
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, is considering selling part of its 70% stake in STC while retaining majority ownership, the state fund said on Thursday. read more
In Abu Dhabi, the index (.ADI) gained 0.3%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 1.2%.
Elsewhere, shares of ADNOC Drilling (ADNOCDRILL.AD) jumped more than 28% as the unit of Abu Dhabi oil giant ADNOC started trading on Sunday after its $1.1 billion initial public offering (IPO), the largest ever on the Abu Dhabi stock market. read more
The IPO is the latest move by Gulf oil giants ADNOC and Saudi Aramco (2222.SE) to raise cash from outside investors as they try to diversify sources of income in their oil-dependent economies.
Dubai's main share index (.DFMGI) fell 0.4%, dragged down by a 2% slide in blue-chip developer Emaar Properties (EMAR.DU) and a 2.1% decline in Emaar Development (EMAARDEV.DU).
Dubai ports giant DP World sees no early end to disruptions in global supply chains that have set off delays at ports and logistics hubs around the world, its chairman said on Friday. read more
The disruptions, a result of pandemic lockdowns and an unexpectedly rapid recovery in demand, have also led to shipping container shortages and skyrocketing freight rates.
The Qatari benchmark (.QSI) eased 0.2%, with Qatar National Bank (QNBK.QA) losing 0.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) retreated 1.4%, with falls in most of its component stocks, including Commercial International Bank Egypt (COMI.CA), which was down 2%.
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