Mideast Stocks: Abu Dhabi leads most Gulf bourses higher; Egypt retreats | ZAWYA MENA Edition
Most major stock markets in the Gulf ended higher on Thursday, with the Abu Dhabi index leading the gains, while the Egyptian bourse retreated on profit-taking.
In Abu Dhabi, the index gained 0.6%, within sight of record high, with telecoms firm Etisalat advancing 1.1% and First Abu Dhabi Bank, the country's largest lender, closing 0.6% higher.
Abu Dhabi's stock exchange, the Gulf's best performer this year, launched a derivatives market on Thursday which allows trading in single equity futures of some of the bourse's companies.
Single equity futures trading began on Thursday for Etisalat and First Abu Dhabi Bank including a few others.
Saudi Arabia's benchmark index reversed early losses to close 0.6% higher, with Al Rajhi Bank rising 0.4%.
Oil prices, a key catalyst for the Gulf's financial market, rose more than 2% lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool the market.
Dubai's main share index eased 0.1%, ending four sessions of gains, with sharia-compliant lender Dubai Islamic Bank losing 1.7%.
However, the index registered its fourth weekly gain, concluding 8.6% higher, its biggest weekly rise in about six years.
In the previous two sessions, the index gained 7.8% fuelled by the emirate's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse.
On the other hand, the Dubai Financial Market surged 14.4%, reaching its highest since Feb. 2017.
The Qatari index added 0.5%, as most of the stocks were in black including Qatar National Bank , which was up 1.2%.
On Wednesday, Qatar Stock Exchange announced partnership with Investment Promotion Agency Qatar to bolster market attractiveness for foreign investment.
Outside the Gulf, Egypt's blue-chip index ended 0.6% lower, a session after reaching its highest since March 2020.
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