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Middle East

MIDEAST STOCKS Most major markets end higher on oil price gains; Dubai dips

4 minute read
  • Saudi gains on financials, consumers
  • Abu Dhabi extends gains on ADNH, ADCB boost
  • Qatar leaps after four-day losses
  • Property stocks drag Dubai
  • Banks lift Egypt

June 9 (Reuters) - Most major Gulf stock markets finished higher on Wednesday as oil prices rose, while real estate stocks pressured Dubai to close lower.

Brent crude futures were up 32 cents, or 0.3%, at $72.42 a barrel at 0911 GMT, having earlier touched $72.83, the highest since May 20, 2019. Brent rose 1% on Tuesday. read more

Saudi Arabia's benchmark index (.TASI) was up 0.5% with Al Rajhi Bank (1120.SE) gaining 0.8% and Savola Group rising (2050.SE) 3.6%.

In Abu Dhabi, the index (.ADI) ended 0.6% higher as Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) jumped 3.2% and Abu Dhabi National Hotels Company (ADNH) (ADNH.AD) surged 14.8% after Abu Dhabi state-owned ADQ submitted an offer to combine Abu Dhabi National Exhibitions Company (ADNEC) with ADNH. read more

The lender ADCB rose for a second day after it received on Tuesday an amended offer for its stake in Alexandria Medical Services (AMES.CA), whereby the potential buyer increased the offer price to 700 million Egyptian pounds ($44.73 million) from 650 million offered earlier.

Qatar's index (.QSI), rose 0.2%, snapping four consecutive sessions losses, with petrochemical maker Industries Qatar (IQCD.QA) gaining 0.6% and Qatar Aluminum Manufacturing (QAMC.QA) increasing 4.5%.

Pressured by its property stocks, Dubai's index (.DFMGI), however, eased 0.1% as Emaar Properties (EMAR.DU) and unit Emaar Malls (EMAA.DU) dropped 1%, while Damac Properties (DAMAC.DU) lost 1.5%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 0.8% higher as the country's largest lender, Commercial International Bank, (COMI.CA) rose 1%, and Fawry For Banking Technology and Electronic Payment (FWRY.CA) advanced 1.2%.

($1 = 3.6415 Qatar riyals)

($1 = 3.6730 UAE dirham)

($1 = 3.7511 riyals)

($1 = 15.6500 Egyptian pounds)

Reporting by Shamsuddin Mohd in Bengaluru; Editing by Andrea Ricci

Our Standards: The Thomson Reuters Trust Principles.

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