Stock markets in the Gulf ended mixed on Tuesday ahead of U.S. inflation data that will likely yield clues to any further aggressive Federal Reserve rate hikes.
Dubai’s main share index advanced 1.1%, with blue-chip developer Emaar Properties rising 2.4% and sharia-compliant lender Dubai Islamic Bank finishing 1.4% higher.
The Dubai bourse rose strongly after data showed that economic activity is improving, particularly in non-oil sectors, said Daniel Takieddine, CEO Mena BDSwiss.
“At the same time, good earnings results could support the market in its uptrend.”
According to a media report, the emirate’s road-toll operator Salik to seek about $1 billion in initial public offering.
Salik is one of the 10 government-linked companies that were announced for listing as part of plans to boost stock market activity.
Most Gulf bourses track oil prices lower; Egypt gains
Saudi Arabia’s benchmark index gained 0.3%, driven by a 1.1% rise in Company for Cooperative Insurance and a 1% increase in Arriyadh Development.
On the other hand, petrochemical maker Saudi Basic Industries Corp (SABIC) gave up early gains to close flat.
SABIC reported a net profit of 7.93 billion riyals ($2.11 billion) for the three months to June 30, up from 7.64 billion riyals a year earlier, the company said in a bourse statement.
In Abu Dhabi, equities added 0.2% in a choppy trade, helped by a 0.9% rise in the country’s biggest lender First Abu Dhabi Bank.
ADNOC Drilling Company climbed 2% after reporting a rise in second-quarter profit.
The Qatari benchmark fell 0.3%, hit by a 1.9% fall in Qatar International Islamic Bank.
Outside the Gulf, Egypt’s blue-chip index dropped 0.8%, weighed down by a 1.3% fall in top lender Commercial International Bank Egypt.
However, Beltone Financial Holding, which is not part of the index, surged 13% after Abu Dhabi investment firm Chimera Investment acquired a controlling stake in the firm.
====================================== SAUDI ARABIA rose 0.3% to 12,330 ABU DHABI up 0.2% to 10,120 DUBAI gained 1.1% to 3,385 QATAR down 0.3% to 13,519 EGYPT lost 0.8% to 9,969 BAHRAIN closed flat at 1,900 OMAN eased 0.2% to 4,650 KUWAIT dropped 0.1% to 8,594 ======================================
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