The indexes of the Gulf stock exchanges closed mixed, on Tuesday, rising in some and declining in others, despite the strong gains achieved by the crude oil sector.
The Dubai Stock Exchange index fell sharply by 1.19% to 2,139.67 points, after coming under severe pressure from real estate stocks.
Shares of Union Properties, Damac and Emaar Malls fell by 4.64%, 2.7% and 1.41%, respectively, and Emirates NBD Bank shares fell by 1.37%.
The Abu Dhabi market index rose by a quarter of a percentage point and closed at 4,649.43 points, supported by the Abu Dhabi Islamic Bank and Abu Dhabi First, which witnessed an increase of 2.09% and 0.70%, respectively.
For its part, the Saudi market index "Tadawul" decreased by 0.28% to 7998.59 points, driven by a decline in the shares of SABIC and Petro Rabigh by 0.56% and 0.48%, respectively, while the National Commercial Bank fell by 0.38%.
On the other hand, the first index in the Kuwait market rose strongly, achieving gains by 2.36% to 6,042.26 points, supported by the rise of most of the listed shares, and the National Bank of Kuwait rose by 0.84%.
In turn, the Qatar Stock Exchange index rose by 0.64% to 9701 points, and the gains were led by Aamal, which rose by nearly 10%, and the shares of Qatar First Bank and Salam Holding rose by 5.59% and 4.21%, respectively.
The Bahrain index rose 0.70% to 1436.36 points, supported by the rise of Al Ahli United Bank by 2.31%.
The Muscat Stock Exchange index fell by 0.28% to 3538 points, driven by a decline in the shares of "Laha Oil", Bank Muscat and National Gas by 3.55%, 2.56% and 1.36%, respectively.
In a related context, the oil sector achieved strong gains with the support of expectations of extending the "OPEC +" production cuts, but the real estate sector pressured strongly on the Dubai index, while petrochemical stocks pressured the Saudi index.
Brent crude futures, for January delivery, were trading at $ 40.17 a barrel, up $ 1.2, or 3.08%.
US West Texas Intermediate crude futures, for December delivery, rose $ 1.28, or 3.48%, to $ 38.09 a barrel.
And the impact of the new Corona virus epidemic on the economies of the Gulf countries, due to the economic closure, and the drop in oil prices accompanied by a lack of demand for it, especially as it mainly depends on its revenues.
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