AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Markets

Dubai leads most Gulf markets lower, but Abu Dhabi bucks the trend

  • In Abu Dhabi, the index edged up 0.1%, helped by a 1.2% gain in Abu Dhabi Commercial Bank.
Published January 24, 2021

Most major Gulf stock markets slipped on Sunday, with Dubai hardest hit following a surge in coronavirus cases in the United Arab Emirates, but Abu Dhabi bucked the trend to trade higher.

Dubai's main share index dropped as much as 1.3% in early trade, with blue-chip developer Emaar Properties shedding 1.2% Financial stocks also drove the losses, led by a Dubai's biggest lender, Emirates NBD Bank, which was down 0.4%.

Dubai has suspended non-essential surgery for a month and live entertainment in hotels and restaurants until further notice as coronavirus infections surge in the Middle East trading hub.

New daily cases in the Gulf state of about 9 million people tripled in the past month to about 354 per million this week, according to Oxford University's Our World in Data research programme.

The UAE does not release location data for infections, making it difficult to determine if Dubai, which relaxed restrictions early on, has been the hardest hit by the recent surge.

Saudi Arabia's benchmark index fell 0.2%, weighed down by a 1.2% fall in petrochemical firm Saudi Basic Industries and a 0.6% decrease in the kingdom's largest lender, National Commercial Bank.

Unemployment in Saudi Arabia fell in the third quarter of 2020 to 14.9% from 15.4% in the second quarter, official data in the world's biggest oil exporter showed on Friday.

In Abu Dhabi, the index edged up 0.1%, helped by a 1.2% gain in Abu Dhabi Commercial Bank.

The Qatari index slipped 0.1%, with petrochemical maker Industries Qatar falling 0.4%.

Kuwait's blue-chip index rose 0.6%, with all its financial shares trading higher, including National Bank of Kuwait, which was up 0.5%.

Kuwait's central bank allowed banks to distribute dividends to shareholders based on their 2020 financial statements and net profit.

Comments

Comments are closed.