Gulf bourses mixed, Saudi Arabia and Egypt gain

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the US presidency, in Manama, Bahrain, November 8, 2020. REUTERS / Hamad I Mohammed

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April 18 (Reuters) – Dubai and Abu Dhabi markets ended lower on Monday, while Saudi Arabia and Egypt edged up, and crude prices slipped over worries of slowing demand in China.

US stock index futures dipped as Treasury yields continued to rise on expectations of a tighter monetary policy, and most Asian and European markets were closed due to an extended holiday-weekend.

Saudi Arabia’s benchmark index (.TASI) ended higher at 0.4%, helped by gains in financials and healthcare stocks.

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“The Saudi stock market recorded small fluctuations as the positive local fundamentals balance out with the risks of oil prices,” said Wael Makarem, senior market strategist – MENA at Exness.

Shares of Sulaiman Alhabib (4013.SE) gained 4.8% as the company is set to start trading ex-dividend on Tuesday.

Egypt’s main share index (.EGX30) ended 0.2% higher, helped by materials stocks. EFG Hermes (HRHO.CA) declined 4.5% and was the top drag on the index.

Shares of Alexandria Mineral Oils (AMOC.CA) gained 8.8%, set for their best day in nearly a month, after the firm reported a rise in net profit for the nine-month period.

Dubai’s main share index (.DFMGI) ended lower at 0.4%, snapping a streak of three-day gains, while Abu Dhabi’s index (.FTFADGI) ended down 0.3%.

Qatar’s benchmark index (.QSI) fell 0.5%, extending losses for the third consecutive session.

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Reporting by Siddarth S in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.


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