AIRLINK 189.36 Increased By ▲ 1.33 (0.71%)
BOP 11.10 Decreased By ▼ -0.76 (-6.41%)
CNERGY 7.28 Decreased By ▼ -0.26 (-3.45%)
FCCL 36.65 Decreased By ▼ -1.14 (-3.02%)
FFL 14.95 Decreased By ▼ -0.29 (-1.9%)
FLYNG 26.19 Increased By ▲ 0.66 (2.59%)
HUBC 130.89 Increased By ▲ 0.74 (0.57%)
HUMNL 13.47 Decreased By ▼ -0.14 (-1.03%)
KEL 4.28 Decreased By ▼ -0.07 (-1.61%)
KOSM 6.08 Decreased By ▼ -0.09 (-1.46%)
MLCF 45.94 Increased By ▲ 0.26 (0.57%)
OGDC 201.86 Decreased By ▼ -4.57 (-2.21%)
PACE 6.12 Decreased By ▼ -0.26 (-4.08%)
PAEL 38.36 Decreased By ▼ -1.95 (-4.84%)
PIAHCLA 16.73 Decreased By ▼ -0.22 (-1.3%)
PIBTL 7.94 Decreased By ▼ -0.09 (-1.12%)
POWER 9.86 Decreased By ▼ -0.17 (-1.69%)
PPL 173.46 Decreased By ▼ -5.38 (-3.01%)
PRL 34.73 Decreased By ▼ -1.63 (-4.48%)
PTC 23.95 Decreased By ▼ -0.44 (-1.8%)
SEARL 101.74 Decreased By ▼ -1.42 (-1.38%)
SILK 1.07 No Change ▼ 0.00 (0%)
SSGC 32.70 Decreased By ▼ -3.54 (-9.77%)
SYM 17.93 Decreased By ▼ -0.30 (-1.65%)
TELE 8.14 Decreased By ▼ -0.24 (-2.86%)
TPLP 12.02 Decreased By ▼ -0.14 (-1.15%)
TRG 67.40 Increased By ▲ 0.07 (0.1%)
WAVESAPP 11.80 Decreased By ▼ -0.21 (-1.75%)
WTL 1.52 Decreased By ▼ -0.05 (-3.18%)
YOUW 3.90 Increased By ▲ 0.01 (0.26%)
BR100 11,819 Decreased By -87.9 (-0.74%)
BR30 35,000 Decreased By -554.1 (-1.56%)
KSE100 112,085 Decreased By -478.8 (-0.43%)
KSE30 34,946 Decreased By -148 (-0.42%)

DUBAI: Most major stock markets in the Gulf ended lower on Wednesday, with the Dubai index snapping four days of gains, although the Saudi bourse bucked the trend to edge higher.

Dubai’s main share index dropped 0.8%, ending a four-day winning streak, weighed down by a 1.9% fall in blue-chip developer Emaar Properties and a 5.1% slide in Dubai Financial Market (DFM). Investors moved to take their profits after the sharp increases that followed the state-owned companies’ initial public offering announcements, said Wael Makarem, senior market strategist at Exness.

“Price corrections could remain limited thanks to the strong fundamentals and as investors wait for the next IPO’s details.”

However, Amlak Finance surged 14.9% - rising for a fifth session.

On Sunday, the Islamic finance company swung to net profit of 887.1 million dirhams ($241.55 million) for the third quarter, from a loss of 151.4 million dirhams year ago.

Saudi Arabia’s benchmark index inched 0.1% higher, helped by a 1.8% rise in Saudi National Bank, the kingdom’s largest lender.

The head of the Saudi Civil Aviation Authority told Al Arabiya TV on Tuesday that the kingdom had restored 45% of pre-COVID passenger traffic estimated in 2019 at around 100 million passengers.

In Abu Dhabi, the index fell 0.2%, easing from a record high, with conglomerate International Holding losing 0.5%. Inflation worries remain as its more durable nature could prompt central banks to take additional actions to tighten their monetary policies, said Makarem.

The Qatari index dropped 0.3%, weighed down by a 0.6% fall in petrochemical maker Industries Qatar and a 0.5% drop in Masraf Al Rayan. Outside the Gulf, Egypt’s blue-chip index gained 0.5%, following recent price corrections.

Fawry for Banking Technology and Electronic Payment rose 2.4%, while Egypt Kuwait Holding advanced 2.5%.

Comments

Comments are closed.