Gulf stock exchanges closed mixed with the continued caution of investors

Gulf stock exchanges closed mixed with the continued caution of investors

Gulf stock markets closed mixed on Wednesday, in a sign that investor confidence remains fragile, as they opted to hold on to gains amid volatile market conditions, despite rising oil prices and easing concerns about the stability of the banking sector.

Oil prices rose, a major catalyst for the Gulf financial markets, for the third session, today, Wednesday, as Brent crude rose 63 cents, or 0.8%, to $79.28 a barrel by 11:20 GMT.

The Saudi index rose 0.3% after remaining stable for two sessions. The share of Dr. Sulaiman Al-Habib Medical Services Group rose 3.6%, and the share of the Saudi British Bank rose 1.9%.

The share of Bin Dawood Holding Company for retail stores closed up 2.4% after announcing a rise in fourth-quarter net profit to 64.9 million riyals ($17.28 million) from 13.2 million riyals ($3.52 million) a year earlier.

And the main index in Dubai rose 0.5%, extending its gains for a second day, supported by strong gains in the financial and industrial sectors.

Emirates NBD, Dubai’s largest bank, and Emirates Central Cooling Systems Corporation rose 2.3% and 2.4%, respectively.

In Abu Dhabi, the index closed in the red, affected by a 0.4% drop in First Abu Dhabi Bank, the largest lender in the UAE, and a 2.8% decline in Emirates Telecommunications Group (E&).

Yesterday, Archyde.com quoted sources as saying that Careem, a company for passenger transportation services in the Middle East, affiliated with Uber Technologies, is in advanced talks with the Emirates Telecommunications Group to invest in its expansion outside passenger transportation services.

The Qatari index fell 0.9%, affected by losses in the financial and industrial sectors. Shares of Qatar National Bank, the largest lender in the Gulf, and Qatar Islamic Bank fell 1.3% and 3.5%, respectively, and Industries Qatar Petrochemical Industries fell 1.3%.

Outside the Gulf region, the Egyptian index of leading stocks rose 2.5%, after two consecutive sessions of losses, as 28 out of 31 stocks on the index rose to the positive zone.

The share of the Commercial International Bank, the largest private bank in Egypt, rose 1.8%, and the share of the Eastern Tobacco Company, the only cigarette production company in the country, jumped 6.1%, after raising cigarette prices.

(Archyde.com, The New Arab)