Gulf bourses end mixed amid volatile oil prices

Dubai’s main share index reversed early losses to close 0.5 per cent higher, buoyed by a 3.2 per cent rise in blue-chip developer Emaar Properties



Saudi investors monitor stocks. Saudi Arabia’s benchmark index gave up early gains to finish flat. — File photo
Saudi investors monitor stocks. Saudi Arabia’s benchmark index gave up early gains to finish flat. — File photo

By Reuters

Published: Tue 16 Aug 2022, 6:34 PM

Last updated: Tue 16 Aug 2022, 6:35 PM

Stock markets in the Gulf ended mixed on Tuesday as oil prices were volatile and corporate news drove trading in some stocks.

Crude prices, a key catalyst for the Gulf’s financial markets, rose by about one per cent, erasing earlier losses, as the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports, and as bleak economic data from top crude buyer China limited gains.

Saudi Arabia’s benchmark index gave up early gains to finish flat.

The kingdom’s consumer price index rose 2.7 per cent in July from a year earlier, government data showed on Monday, accelerating from a 2.3 per cent pace in June.

In Abu Dhabi, the index dropped 0.2 per cent, hit by a 1.1 per cent fall in conglomerate International Holding Co (IHC) as investors continued to lock in profits.

Shares of IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, have risen over 120 per cent so far this year.

IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions at a total value of Dh10 billion ($2.72 billion) this year.

The Qatari benchmark added 0.4 per cent, with petrochemical maker Industries Qatar advancing 1.2 per cent.

The Qatari stock market was underpinned by a rise in natural gas prices, said Fadi Reyad, Market Analyst at CAPEX.com Mena.

“The high price level could help the market return to an upward trend.”

Dubai’s main share index reversed early losses to close 0.5 per cent higher, buoyed by a 3.2 per cent rise in blue-chip developer Emaar Properties.

The board of Emaar Properties, which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said on Monday.

The meeting will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in one of its real estate projects.

Outside the Gulf, Egypt’s blue-chip index fell 0.7 per cent, dragged down by a 1.3 per cent drop in top lender Commercial International Bank. — Reuters


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