Gulf stocks in the circle of stability

Gulf stocks in the circle of stability
Gulf stocks in the circle of stability
Most of the major stock markets in the Gulf region ended trading, on Wednesday, with a decline; The index stopped a four-day series of gains, but the Saudi Stock Exchange bucked the trend and made gains.

The main stock index in Dubai fell 0.8 percent, ending a four-day winning streak, affected by a 1.9 percent drop in the real estate developer Emaar Properties and a 5.1 percent drop in the Dubai Financial Market.

Wael Makarem, chief market analyst at Exness, said that investors moved towards selling to take profits after sharp increases that followed the announcements of the initial public offering of state-owned companies.

He added, “Price declines may remain limited thanks to the strength of fundamental factors, and while investors await the details of the upcoming IPOs.”

However, Amlak Finance shares jumped 14.9 percent, rising for the fifth consecutive session.

And the Islamic finance company turned, to achieve a net profit of 887.1 million dirhams in the third quarter of the year, from a loss of 151.4 million dirhams a year ago.

In Abu Dhabi, the index fell 0.2 percent, down from a record high, and the share of the International Holding Company lost 0.5 percent.

The main Saudi index rose 0.1 percent, supported by a 1.8 percent rise in the shares of the National Bank of Saudi Arabia, the kingdom’s largest bank.

The head of the Saudi General Authority of Civil Aviation told Al Arabiya, on Tuesday, that the kingdom had recovered 45 percent of the travel movement before the Corona pandemic, estimated at 100 million passengers in 2019.

The Qatari index fell 0.3 percent, affected by a 0.6 percent drop in the Qatar Petrochemical Industries Company and a 0.5 percent drop in Masraf Al Rayan’s share.

Outside the Gulf region, Egypt’s blue-chip index rose 0.5 percent after recent declines.

The share of Fawry for Banking Technology and Electronic Payments rose by 2.4 percent, while the share of Egyptian Kuwaiti Holding rose by 2.5 percent.

In Kuwait and Bahrain, the indices stabilized at 7,866 points and 1,787 points, respectively, and in Oman, it rose 0.4 percent to 4,050 points. (agencies)

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