Stock markets in the Gulf
August 9 (Reuters) – On Tuesday, stock markets in the Gulf region finished with a mixed performance ahead of inflation data from the United States, which is likely to yield clues regarding any future aggressive rate hikes by the Federal Reserve.
The main share index in Dubai (.DFMGI) finished 1.4% higher, led by blue-chip property developer Emaar Properties (EMAR.DU), which gained 2.4%, and sharia-compliant lender Dubai Islamic Bank (DISB.DU), which gained 1.4% overall.
CEO of Mena BDSwiss
According to Daniel Takieddine, CEO of Mena BDSwiss, the Dubai bourse experienced a significant increase after data showed that economic activity is improving, particularly in sectors other than the oil and gas industry. “At the same time, positive earnings results may assist the market in maintaining its upward trend,”
The media has reported that the road-toll operator in the emirate, Salik, intends to seek approximately one billion dollars in an initial public offering. As a part of the initiatives to increase the amount of activity on the stock market, Salik was selected as one of the 10 government-affiliated companies that would be listed.
The benchmark index for Saudi Arabia
The benchmark index for Saudi Arabia, which is denoted by the symbol.TASI, saw a gain of 0.3% as a result of increases of 1.1% in the Company for Cooperative Insurance (8010.SE) and 1% in Arriyadh Development (4150.SE). On the other hand, petrochemical manufacturer Saudi Basic Industries Corp (SABIC) (2010.SE) gave up early gains and closed with a value that was unchanged from its opening price.
According to a statement released to the bourse by the company, SABIC reported a net profit of 7.93 billion riyals ($2.11 billion) for the three months that ended on June 30. This is an increase from 7.64 billion riyals a year earlier. Continue reading. In choppy trading in Abu Dhabi, equities (.FTFADGI) increased by 0.2%, with the country’s largest lender, First Abu Dhabi Bank, contributing to the increase by climbing 0.9%. (FAB.AD).
ADNOC Drilling Company
The share price of ADNOC Drilling Company (ADNOCDRILL.AD) increased by 2% after the company announced an increase in profit for the second quarter. The Qatari benchmark (.QSI) experienced a loss of 0.3% after Qatar International Islamic Bank experienced a loss of 1.9%. (QIIB.QA).
Egypt’s blue-chip index (.EGX30) fell by 0.8% when excluding the Gulf, with the decline being driven by a 1.3% decline in the country’s top lender, Commercial International Bank Egypt (COMI.CA). However, Beltone Financial Holding (BTFH.CA) soared 13% after Abu Dhabi investment firm Chimera Investment purchased a controlling stake in the company. This was after Chimera Investment was excluded from the index.