MIDEAST STOCKS Most major Gulf bourses fall; Saudi rises on petrochems – Reuters

An electronic board displaying data is seen at the Doha Stock Exchange in Doha, Qatar January 6, 2021. REUTERS/Ibraheem Al Omari
Sept 27 (Reuters) – Most major stock markets in the Gulf ended lower on Monday, while petrochems shares bolstered the Saudi bourse on back of rising oil prices.
Oil prices rose on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions. read more
GCC stock markets opened in different directions as the impact of the increase in oil prices and global economic worries were not the same across the board. Some markets that are more exposed to a global economic slowdown are still seeing price corrections as investors weigh in the possible aftermath, said Wael Makarem, senior market strategist at Exness.
Saudi Arabia's benchmark index (.TASI) edged up 0.1% with fertilizers maker SABIC Agri-Nutrients (2020.SE) increasing 6.7% and its parent company, Saudi Basic Industries (2010.SE), advancing 2.2%.
The Abu Dhabi index (.ADI) fell 0.3%, pressured by banking shares, as market heavyweight First Abu Dhabi Bank (FAB.AD) and Abu Dhabi Commercial Bank (ADCB.AD) dropped 0.7% and 0.6% respectively.
State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion. read more
The sale is the second IPO of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution (ADNOCDIST.AD), whose shares were up 0.7%.
Dubai's index (.DFMGI) eased 0.5%, extending losses for third day in a row, as stocks were weighed by a 1.8% fall in Dubai's largest lender, Emirates NBD Bank (ENBD.DU), and a 2.2% retreat in courier firm Aramex (ARMX.DU).
Qatari index, (.QSI), however, finished flat, ending three sessions of consecutive gains. The shariah-compliant lender Masraf Al Rayan (MARK.QA) dropped 0.3%, while Qatar Gas Transport Nakilat (QGTS.QA) was up 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.4%, as 27 of 30 stocks on the index were in negative territory including E-payments platform Fawry Banking and Payment Technology Services (FWRY.CA), which was down 4.8%.
Egypt's central bank, on Sunday, approved the granting of licences to allow merchants to accept contactless payments from their customers' mobile phones. read more
The Egyptian stock market has opened on the downside after a couple of increases as global economic slowdown worries return to the table and as international investors' risk aversion increases. International investors were net sellers today on the Egyptian bourse, said Wael Makarem, senior market strategist at Exness.
($1 = 3.6415 Qatar riyals)
($1 = 3.7511 riyals)
($1 = 3.6728 UAE dirham)
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