Most of the Gulf stock exchanges close in upside and Dubai in drop

Most of the Gulf stock markets have closed in up today, Thursday, to continue the gains made in the previous session, but the Dubai Stock Exchange index reversed the trend and closed in discount.

Wael Makarem, market analyst at Exness, said positive sentiment dominated the market following this week’s US Federal Reserve meeting.

He added that the US central bank kept its monetary policy unchanged on Wednesday and hinted that the reduction in the asset purchase program could start soon, without specifying a specific date.

The price of oil fell, but remained above $ 75 a barrel, following increased fuel demand and a greater-than-expected decline in US crude oil inventories, with Gulf of Mexico production continuing to face hurdles. due to the consequences of two hurricanes that hit the Region.

And Iraqi Oil Minister Ihsan Abdul-Jabbar said yesterday that OPEC + is working to keep crude oil prices close to $ 70 a barrel as the global economy recovers. A meeting of the group is scheduled for 4 October.

The Abu Dhabi Index grew 0.6%, led by a 0.7% increase for the First Abu Dhabi Bank, the country’s largest bank, and a 1% increase for the Emirati Etisalat group. United Arabs.

The Central Bank of the Emirates said today Thursday that it will gradually begin to withdraw the stimulus measures introduced last year to mitigate the economic consequences of the Covid-19 pandemic.

The bank stated that 15% of the banks’ loan portfolios benefited from the loan repayment extension program provided for in the economic support plan.

Dubai’s leading stock index fell 0.2%, impacted by Dubai Islamic Bank’s 0.8% drop. However, Emaar Properties rose 2.4% after the company founder re-launched an offer to partially acquire the company to withdraw its listing. in stock exchange after the approval of the Securities and Commodities Authority in the Emirates, according to a statement released today.

The offer came after years of decline in Dubai’s real estate market, exacerbated by the economic repercussions of the Corona pandemic.

The Qatar index rose 0.6%, with petrochemical producer Industries Qatar in increase of 2%. The Saudi stock exchange is closed today due to a public holiday.

Outside the Gulf region, the Egyptian blue chip index rose 0.4%. A document showed that Egypt today began marketing multi-tranche denominated bonds in US dollars.

The following is the closure of the Arab stock exchanges:

Abu Dhabi The index rose by 0.6% to 7,825 points
Dubai The index fell 0.2% to 2,840 points
Qatar advanced the index by 0.6% to 11,241 points
Egypt The index rose 0.4% to 10,642 points
Bahrain The index rose 0.6% to 1702 points
The Sultanate of Oman advanced the index by 0.3% to 3,927 points
Kuwait The index rose 0.5% to 7,517 points

Read More About: Business News

Leave a Reply