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Middle East

MIDEAST STOCKS Dubai bourse gains, major Gulf markets fall

4 minute read

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

  • UAE central bank raises benchmark interest rate
  • Investor sells $300 mln worth of shares in ADCB
  • Saudi Arabia's April crude exports slip to 10-month low

June 17 (Reuters) - Most major stock markets in the Gulf ended lower on Thursday, although the Dubai index was boosted by gains in financial shares.

Dubai's main share index (.DMFGI) finished 0.8% higher, buoyed by a 1.8% rise in Emirates NBD Bank (ENBD.DU) and a 0.8% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

The United Arab Emirates (UAE) central bank raised its key overnight interest rate by 5 basis points on Thursday, in step with a similar move by the U.S. Federal Reserve a day earlier. read more

The UAE central bank also decided to maintain the rate applicable to borrowing short-term liquidity through all of its standing credit facilities at 50 basis points above the base rate.

Saudi Arabia's benchmark index (.TASI) gave up early gains to close flat.

However, the index registered its sixth weekly gain.

The kingdom's April crude oil exports fell to their lowest level since June 2020, official data showed. read more

In Abu Dhabi, the index (.ADI) retreated 0.8%, hit by a 2% fall in First Abu Dhabi Bank (FAB.AD), the country's largest lender, and a 2.7% decline in Abu Dhabi Commercial Bank (ADCB) (ADCB.AD).

An undisclosed investor has sold 1.1 billion dirhams ($299.52 million) worth of shares in ADCB. read more

The investor sold 164 million shares at 6.70 dirhams a share through Bank of America Securities and Emirates NBD Capital.

The Qatari benchmark (.QSI) fell 0.4%, pressured by a 1.2% fall in Qatar Islamic Bank (QISB.QA) and a 1% decrease in Qatar National Bank (QNBK.QA).

The Arab state's cabinet said on Wednesday it would allow up to 80% of public and private sector employees to return to offices from June 18 as a part of its plan to gradually ease coronavirus-related measures. read more

Qatar decided early in May to lift coronavirus-related measures in four phases starting on May 28 and ending on July 30. read more

Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.2%, with top lender Commercial International Bank (COMI.CA) losing 1.1%.

($1 = 3.6726 UAE dirham)

Reporting by Ateeq Shariff in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

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