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Middle East

MIDEAST STOCKS Abu Dhabi, Saudi manage small gains; other Gulf indexes muted

4 minute read
  • Saudi boosted by banks, telecoms
  • Abu Dhabi extends gains
  • Banks weak in Dubai, Qatar
  • Lender CIB weighs on Egypt

June 8 (Reuters) - Major Gulf markets ended lower on Tuesday, while Abu Dhabi and Saudi Arabia eked out marginal gains, as sentiment was pressured by weak oil prices.

Brent crude was down 58 cents, or 0.8%, at $70.91 a barrel by 1218 GMT, after declining 0.6% on Monday. U.S. West Texas Intermediate oil was off by 55 cents, or 0.8%, at $68.68 a barrel, having dropped by 0.6% in the previous session. read more

The movement in oil prices is a key catalyst for the Gulf region's financial markets.

Saudi Arabia's benchmark index (.TASI) edged up 0.1%, with Al Rajhi Bank (1120.SE) gaining 0.8% and Saudi Telecom (7010.SE) rising 2%.

In Abu Dhabi, the index (.ADI) was up 0.4%, extending gains for a third consecutive session, as Abu Dhabi Commercial Bank (ADCB.AD) jumped 3.1%.

The lender received an amended offer for its stake in Alexandria Medical Services (AMES.CA). TAT For Medical Services increased the offer price to 700 million Egyptian pounds ($44.87 million) from 650 million offered earlier.

The main share index in Dubai (.DFMGI) eased 0.1%, with Dubai's largest lender Emirates NBD Bank (ENBD.DU) falling 1.1% and developer Emaar Properties (EMAR.DU) shedding 0.2%.

On Monday, Emaar shares rose as much 1.5% after the company reported a more than three-fold jump in property sales for the first five months of 2021.

Qatar's index (.QSI), dropped 0.4%, with Gulf's largest lender Qatar National Bank (QNBK.QA) declining 1.1% and Industries Qatar (IQCD.QA) losing 0.9%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1.4%, as the country's largest lender, Commercial International Bank (COMI.CA), dropped 2.5% and Fawry For Banking Technology and Electronic Payment (FWRY.CA) lost 4.4%.

In a bright spot, Telecom Egypt (ETEL.CA) jumped 8.9% after the company signed a modified shareholders' agreement with Vodafone Group (VOD.L) whereby Vodafone Egypt Telecommunications (VODE.CA) will pay a one-time dividend of 10 billion Egyptian pounds to its shareholders during 2021. Telecom Egypt owns about 45% of Vodafone Egypt.

($1 = 15.6000 Egyptian pounds)

Reporting by Shamsuddin Mohd in Bengaluru; Editing by Amy Caren Daniel

Our Standards: The Thomson Reuters Trust Principles.

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