MIDEAST STOCKS Saudi extends losses on feeble oil, other predominant Gulf bourses up

Aug 22 (Reuters) – Most predominant inventory markets in the Gulf ended bigger on Sunday, while falling oil costs persisted to stress the Saudi index, which extended losses for a 2nd session.

In Abu Dhabi, the index (.ADI) rose 0.8%, with the nation’s largest lender First Abu Dhabi Bank (FAB.AD) rising 1.1% and Emirates Telecommunications Community (ETISALAT.AD) mountain climbing 1.3%.

Amongst other gainers, Abu Dhabi Nationwide Oil Company for Distribution (ADNOCDIST.AD) finished 1.8% bigger following its inclusion in the FTSE Rising Markets Index.

The changes could well be effective from the shut of business on Sept. 17.

Abu Dhabi, the 2nd most populous of the United Arab Emirates, on Thursday ended a partial lockdown imposed final month as segment of efforts to stop the spread of COVID-19 variants. learn extra

The benchmark index (.TASI) in Saudi Arabia, the arena’s largest oil exporter, slid a additional 1.1%, weighed by a 1.8% tumble in Al Rajhi Bank (1120.SE) and a 3.1% fall in Riyad Bank (1010.SE), as weakening indecent costs curbed curiosity in Saudi stocks.

Somewhere else, Saudi mall operator Arabian Centres (4321.SE) declined 0.7% after posting a fall in quarterly secure profit.

Oil costs closed out their biggest week of losses in extra than 9 months with yet any other down-day on Friday, as investors sold futures in anticipation of weakened gas quiz worldwide attributable to a surge in COVID-19 cases.

Dubai’s predominant share index (.DFMGI) evolved 1.1%, buoyed by a 1.1% upward thrust in blue-chip developer Emaar Properties (EMAR.DU).

The Qatari index (.QSI) added 0.4%, with Commercial Bank (COMB.QA) rising 2.6% and Qatar Islamic Bank (QISB.QA) up 1.1%.

The Gulf deny’s cupboard licensed lifting the proportion of non-Qatari ownership in the capital of Qatar Nationwide Bank (QNBK.QA), Qatar Islamic Bank, Commercial Bank and Al Rayan Bank (MARK.QA) to 100%, which could well additionally entice extra liquidity to the bourse.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) lost 1.1%, with a entire lot of the stocks on the index in unfavorable territory including Fawry for Banking Expertise and Digital (FWRY.CA), which was as soon as down 4.8%.

Reporting by Ateeq Shariff in Bengaluru; Improving by Jan Harvey

Our Standards: The Thomson Reuters Belief Principles.

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