Major Gulf bourses ended lower on Wednesday, tracking muted sentiment across world markets, while investors continued to pump money into Dubai after state utility DEWA increased the size of its initial public offering.
European shares fell on Wednesday while oil price gained, as signs in bond markets of pain ahead for the U.S. economy tempered hopes of a negotiated end to the Ukraine conflict.
"The Abu Dhabi stock market remains exposed to the volatility in oil markets while the United Arab Emirates do not plan to leave OPEC in order to boost oil production. The market has also been missing out on the IPO trend in neighbouring Dubai but has seen support from strong local fundamentals," said Farah Mourad, Senior Market Analyst of XTB MENA.
Dubai's main share index (.DFMGI) rose for the sixth consecutive session, ending 0.4% higher.
Investors cheered Dubai Electricity and Water Authority's (DEWA) decision to increase its IPO size to 17%, raising as much as $5.7 billion, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion IPO in 2019. read more
Shuaa Capital (SHUA.DU) rose 1.3 % after the company said it will buy Allianz Marine And Logistics Services Holding.
Emirates Integrated Telecommunications Company (DU.DU) fell 1% while Tabreed (TABR.DU) ended 5.4% lower after both companies started trading ex-dividend.
Saudi Arabia's benchmark index (.TASI) fell 0.5%.
Shares of Bindawood Holding (4161.SE) fell 4.4% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) ended down 0.6% while Egypt's blue-chip index (.EGX30) fell 1.3%.
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