DUBAI: Stocks in the United Arab Emirates(UAE) dropped on Monday following four days of consecutive gains after another attack by Yemen’s Iran-aligned Houthi movement on the Gulf state, while rising oil prices supported Saudi Arabian shares.
The UAE said on Monday it intercepted a ballistic missile fired by the Houthis, the third such attack on the US-allied Gulf state in the last two weeks.
Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.
“Markets in Dubai and Abu Dhabi dropped a little in reaction to the recent developments. In contrast, the Saudi market was supported by the strong oil prices and could see additional increases,” said Wael Makarem, Senior Market Strategist at Exness.
The Abu Dhabi index ended 0.7% down, though the index was up 2.5% for the month. Market heavyweight First Abu Dhabi Bank declined 2.7%.
In Dubai, the index slipped 0.5%, reducing its monthly gain to 0.2%.
Emirates NBD Bank weighed the most on index, falling 3.6%.
Dubai Investments, however, surged 7%. After the market close, the investment company reported a more than 78% increase in its full-year profit to 619.5 million dirhams ($168.68 million).
Saudi Arabia’s benchmark index closed 0.1% higher to log a monthly gain of about 9%.
Alinma Bank and Saudi National Bank increased 3.3% and 1.1% respectively.
The Qatari index closed flat as Qatar National Bank lost 0.7% and Mesaieed Petrochemical Holdings rose 2.3%.
In Egypt, the blue-chip index snapped its six-session losing streak, gaining 0.3%. Talat Mostafa Group increased 8.6% and Telecom Egypt added 3.5%.
SAUDI ARABIA gained 0.1% to 12,272
ABU DHABI dropped 0.7% to 8,704
DUBAI fell 0.5% to 3,203
QATAR was flat at 12,498
EGYPT gained 0.3% to 11,490
BAHRAIN was up 0.2 to 1,810
OMAN fell 0.9% to 4,116
KUWAIT added 0.2% to 8,013.
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