Most stock markets in the Gulf ended higher on Monday on back of corporate earnings and rising oil prices, although the Saudi index extended losses as consolidation continued.
Prices of oil - a key catalyst for the Gulf's financial markets - were set to post their biggest monthly gains in more than a year, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply.
Dubai's main share index (.DFMGI) gained 0.6%, led by a 2.4% rise in top lender Emirates NBD (ENBD.DU) and a 1.5% increase in utility firm Dubai Electricity And Water Authority (DEWAA.DU).
Last week, Emirates NBD posted a 78% surge in its second-quarter profit to a record 6.2 billion dirhams ($1.69 billion) on higher margins, an improved deposit and loan mix, and substantial recoveries.
In Abu Dhabi, the index (.FTFADGI) was up 0.3%.
The Qatari index (.QSI) edged 0.1% higher, helped by a 2.3% rise in Qatar Islamic Bank (QISB.QA), while telecoms firm Ooredoo (ORDS.QA) added 0.5% after reporting a rise in first-half earnings.
Saudi Arabia's benchmark index (.TASI) dropped 0.8%, extending losses for a second session after hitting a nine-month high, with Dr Sulaiman Al-Habib Medical Services (4013.SE) dropping 1.7%.
Iran's foreign ministry spokesperson said on Monday that a normalisation of ties between Saudi Arabia and Israel would harm regional peace and stability.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.2%, Telecom Egypt (ETEL.CA) advancing 3.2%.
The Central Bank of Egypt (CBE) is forecast to leave its overnight interest rates unchanged at a policy meeting on Thursday, even after inflation hit a record high in June, a Reuters poll showed on Monday.
No comments:
Post a Comment