Major bourses in the Gulf region closed lower on Wednesday, tracking the impact of cooling sentiment in global markets, while investors continued to pour money into Dubai after it raised Dubai Electricity and Water Authority the size of its initial public offering.
European shares fell on Wednesday, while oil prices rose, as indicators in the bond market covered the upcoming difficulties for the US economy on the impact of hopes for an end to the Ukrainian conflict through negotiations between Moscow and Kiev.
“The Abu Dhabi Stock Exchange remains vulnerable to the volatility of the oil markets,” said Farah Murad, senior market analyst in the Middle East and North Africa division at XTP.
The main Dubai market index rose for the sixth consecutive session, and closed up 0.4%.
The Dubai Electricity and Water Authority’s decision to increase the size of the initial public offering to 17% was welcomed by investors, raising up to $ 5.7 billion, which could make it the largest public share sale in the region since the initial public offering of Saudi Aramco, which set a record by raising 29.4 billion dollars in 2019.
Shuaa Capital rose 1.3%, after the company said it would acquire Allianz Marine and Logistics Holdings.
Shares of Emirates Integrated Telecommunications Company (du) fell 1%, while Tabreed’s shares closed down 5.4%, after the two companies started trading without distributing profits.
The main Saudi index fell 0.5%.
Bin Dawood Holding’s stock fell 4.4%, after the company announced a drop in its profits in the last quarter of the year.
The Abu Dhabi index fell slightly, ending a series of gains that lasted for six days.
The Qatari index closed down 0.6%, while the leading shares index in Egypt fell 1.3%.
Saudi Arabia: The index fell 0.5%, at 13,038 points.
Abu Dhabi.. The index fell 0.6%, at 9,846 points.
Dubai: The index rose 0.4% to 3,527 points.
Qatar: The index fell 0.6% to 13557 points.
Egypt.. The index fell 1.3%, to 11,239 points.
Bahrain: The index fell 0.8% to 2062 points.
Oman The index rose 0.2% to 4,203 points.
Kuwait The index rose 0.2% to 9,050 points.