Stock markets in the Gulf were mixed in early trading on Tuesday amid rising geopolitical tension in the region, while the Abu Dhabi index advanced on upbeat corporate earnings.
The Israeli military took control of the vital Rafah border crossing between Gaza and Egypt on Tuesday, pushing into the southern Gazan town after a night of air strikes and as prospects for a ceasefire deal hung in the balance.
Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.2%, dragged down by losses in almost all sectors with blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropping 0.4% and Commercial Bank of Dubai (CBD.DU), opens new tab sliding 2.1%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.4%, weighed by industry, real estate and finance.
Company For Cooperative Insurance (8010.SE), opens new tab slipped 3.5% and Saudi Awwal Bank (1060.SE), opens new tab dropped 1.2%.
However, Saudi Aramco (2222.SE), opens new tab inched up 0.2% after the oil major said it expected to pay $31 billion in dividends to shareholders despite reporting lower earnings for the first quarter.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab advanced 1% in early trade, lifted by strong corporate earnings.
International Holding Company surged 1%, after Abu Dhabi's largest listed conglomerate IHC said on Monday it would buy back up to 5 billion dirhams ($1.36 billion) of its shares as it reported an 88% rise in quarterly net profit.
ADNOC Gas (ADNOCGAS.AD), opens new tab, the state-owned energy giant ADNOC's unit, climbed 1% after it posted a 21% increase in quarterly net income.
The Qatari benchmark index (.QSI), opens new tab edged up 0.1%, supported by a 1.4% rise in Qatar Navigation (QNNC.QA), opens new tab and a 0.4% gain in Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender.
No comments:
Post a Comment