AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Gulf bourses rose on Monday in line with a global equities rally due to the Greek bailout agreement, but a drop in oil prices because of a likely Iran nuclear deal limited gains in the region. Brent crude fell 1.8 percent as Tehran and six world powers were on the brink of finding a nuclear deal that would bring sanctions relief and more oil to the already oversupplied market.
Saudi Arabia's bourse, the most sensitive in the Gulf to oil prices because of its heavyweight petrochemical sector, was the weakest performer on Monday and edged up just 0.2 percent. The petrochemical sector index fell 0.4 percent, although that was to a large extent because of Saudi Arabia Fertilisers Co (SAFCO), which dropped 3.1 percent as it went ex-dividend.
But other sectors were mostly positive, supported by some strong second-quarter earnings. Food maker National Agriculture Development Co surged 5.9 percent after posting a 25.4 percent year-on-year increase in quarterly profit. National Shipping Co of Saudi Arabia (Bahri) added 0.9 percent. It said after trading closed that its second-quarter net profit more than doubled thanks to increased fleet size and rates for transporting spot crude.
The region's biggest gainer of the day was Dubai which, as a regional logistics and financial hub, could benefit the most from increased foreign trade and investment in Iran if the sanctions are lifted. The emirate's index rose 0.9 percent with most stocks positive. Heavyweights Emaar Properties and Dubai Islamic Bank added 2.1 and 1.5 percent respectively.
Neighbouring Abu Dhabi's bourse gained 0.6 percent and Qatar edged up 0.4 percent. But oil-sensitive stocks in both markets were weak. Abu Dhabi National Energy Co tumbled 6.9 percent and petrochemicals giant Industries Qatar lost 0.7 percent. The more positive news on Greece boosted global appetite for risk so investors from outside the region were net buyers on all major markets in the Middle East, data from local bourses showed.
But their buying failed to support Egypt's market, which fell 1.4 percent as local investors resumed a sell-off, after a drop in trading volume in the previous session indicated that the market's rally was faltering. The Cairo benchmark had risen in the two previous days after sinking to a one-year low on concerns over exchange rates, security and an energy shortage. The property sector came under particularly heavy pressure on Monday. Palm Hills Development tumbled 4.8 percent and Medinet Nasr Housing lost 4.5 percent.

Copyright Reuters, 2015

Comments

Comments are closed.