AGL 40.10 Increased By ▲ 0.10 (0.25%)
AIRLINK 130.78 Increased By ▲ 1.25 (0.97%)
BOP 6.79 Increased By ▲ 0.11 (1.65%)
CNERGY 4.60 Decreased By ▼ -0.03 (-0.65%)
DCL 8.97 Increased By ▲ 0.03 (0.34%)
DFML 43.00 Increased By ▲ 1.31 (3.14%)
DGKC 84.15 Increased By ▲ 0.38 (0.45%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 78.02 Increased By ▲ 2.55 (3.38%)
FFL 11.95 Increased By ▲ 0.48 (4.18%)
HUBC 110.85 Increased By ▲ 0.30 (0.27%)
HUMNL 14.56 No Change ▼ 0.00 (0%)
KEL 5.63 Increased By ▲ 0.24 (4.45%)
KOSM 8.25 Decreased By ▼ -0.15 (-1.79%)
MLCF 39.83 Increased By ▲ 0.04 (0.1%)
NBP 60.80 Increased By ▲ 0.51 (0.85%)
OGDC 200.25 Increased By ▲ 0.59 (0.3%)
PAEL 26.55 Decreased By ▼ -0.10 (-0.38%)
PIBTL 7.80 Increased By ▲ 0.14 (1.83%)
PPL 160.59 Increased By ▲ 2.67 (1.69%)
PRL 26.70 Decreased By ▼ -0.03 (-0.11%)
PTC 18.60 Increased By ▲ 0.14 (0.76%)
SEARL 83.00 Increased By ▲ 0.56 (0.68%)
TELE 8.22 Decreased By ▼ -0.09 (-1.08%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 9.08 Increased By ▲ 0.02 (0.22%)
TREET 17.00 Decreased By ▼ -0.47 (-2.69%)
TRG 60.30 Decreased By ▼ -1.02 (-1.66%)
UNITY 27.80 Increased By ▲ 0.37 (1.35%)
WTL 1.42 Increased By ▲ 0.04 (2.9%)
BR100 10,570 Increased By 163.2 (1.57%)
BR30 31,952 Increased By 238.6 (0.75%)
KSE100 98,642 Increased By 1313.4 (1.35%)
KSE30 30,715 Increased By 522.4 (1.73%)
Markets

Most Gulf stocks ease on Europe lockdowns, US tax hike fears

  • The concerns of a third COVID-19 wave in Europe is weighing down on demand expectations thus negatively affecting energy prices and oil prices which are particularly sensitive in the Gulf region. Saudi Arabia's benchmark index fell 0.3%, pressured by a 4.2% fall in Riyad Bank, which went ex-dividend.
Published March 24, 2021

Most stock markets in the Gulf ended lower on Wednesday, tracking global equities as coronavirus lockdowns in Europe and potential US tax hikes hit risk appetite.

"The concerns of a third COVID-19 wave in Europe is weighing down on demand expectations thus negatively affecting energy prices and oil prices which are particularly sensitive in the Gulf region," said James Campion, private banker at Ourea.

Saudi Arabia's benchmark index fell 0.3%, pressured by a 4.2% fall in Riyad Bank, which went ex-dividend.

However, insurer Alinma Tokio Marine surged about 10% after two of its major shareholders agreed not to transfer or dispose any of its shares for a five-year period.

In Dubai, the main share index retreated 0.7%, with top lender Emirates NBD losing 1.4% and blue-chip developer Emaar Properties declining 1.1%.

Amid growing competition among Gulf states to position themselves for a post-oil future, Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum on Tuesday announced plans to restructure his government to make it more efficient.

Dubai's economy, which is the region's most diversified, was one of the hardest hit by the pandemic. S&P estimated that GDP contracted 10.8% last year.

But, in Qatar, the benchmark bucked the trend to finish 0.2% higher, helped by a 1.2% rise in the Gulf's largest lender Qatar National Bank.

Outside the Gulf, Egypt's blue-chip index rebounded 2.2%, snapping seven sessions of losses.

Commercial International Bank, the country's top lender, gained 2%, while tobacco monopoly Eastern Company jumped 6%.

So far this month Egypt's index has lost over 7%, whereas in the past few sessions the bourse's sharp declines were attributed to individual traders' activities.

Comments

Comments are closed.