On Sunday, a basket of major Gulf bourses had wrapped up the session in an ambivalent tenure with Saudi’s main index having been plunged amid a latest downturn in crude oil futures’ prices, though, Dubai had outperformed its regional peers following a sharp rise in property stocks.
In point of fact, in the day’s sharp downturn in most Gulf bourses was mostly prompted by a sharp plunge in crude oil futures’ prices last week, while both US and UK crude oil futures’ prices faltered as much as 2 per cent on the week amid an ill-timed production hike from OPEC+ nations alongside frets over a demand-crunch in context of a clattering wave of pandemic outbreak in major G20 economies including the US, France and India.
Major Gulf bourses end lower amid bleaker oil demand outlook
In the day’s Gulf market closure, Saudi’s main index shrugged off as much as 0.7 per cent, mostly hurt by a 1.9 per cent plunge in Al Rajhi Bank alongside a 2 per cent drop in the shares’ prices of Saudi National Bank.
Aside from that, Saudi’s oil giant Aramco shed 0.1 per cent despite a 49 per cent divestiture of its pipeline businesses in a $12.4 billion deal. Dubai’s main index closed out the day 0.4 per cent higher, mostly buoyed up by a 1.9 per cent increase in Emaar Properties alongside a 2.3 per cent rise in the shares’ prices of Emaar Malls following a local newspaper Al Arabiya report that quoted Emaar Properties, Dubai’s largest real estate developer, as saying that the company had scored a first-quarter sales worth of $1.63 billion.
Abu Dhabi, in tandem, rose 0.2 per cent, mostly hoisted up by a 0.7 per cent increase in telecom group Etisalat alongside a 0.1 per cent rise in the shares’ prices of the UAE’s largest lender First Abu Dhabi Bank.
Outside the Gulf, Egypt’s blue-chip index gained as much as 0.9 per cent. Elsewhere in the Gulf, Qatari bourse added 0.2 per cent with petrochemical company Industries Qatar rising as much as 1.4 per cent.
