October 10 (Reuters) – Major Gulf stock markets were mixed at the start of trading on Sunday, with the Saudi index outperforming the region amid rising oil prices.
Oil rose on Friday, gaining about 4% on the week as a global energy crisis pushed US prices to their highest level in nearly seven years as heavy electricity users struggled to respond to the request. Read more
Saudi Arabia’s benchmark index (.TASI) gained 0.6%, driven by a 3.4% rise in Al Rajhi Bank (1120.SE) and a 1.3% rise in the manufacturer Saudi Basic Indutries Petrochemicals (2010.SE).
In Abu Dhabi, the index (.ADI) edged up 0.1%, the conglomerate International Holding Co (IHC) (IHC.AD) rose 1%, while its unit Alpha Dhabi Holding (ALPHADHABI.AD ) grew 1.4%.
IHC has agreed to buy a 41% stake in Nassar Al Refaee Trading Company, a fruit and vegetable import-export company, under a 166 million dirham ($ 45.20 million) deal. , Reuters reported from a company source. Read more
Dubai’s main stock index (.DFMGI) fell 0.1%, hit by a 1.2% drop from leading developer Emaar Properties (EMAR.DU).
Average residential property prices in Dubai rose 4.4% in the 12-month period to August, the strongest annual growth since February 2015, real estate investment firm CBRE Group said Thursday. . Read more
Even before the pandemic, the long-term economic trend in the UAE had been sluggish since the 2014-2015 oil crash. Supply has exceeded demand for new homes and apartments for years in a market where most of the population is foreigners, many of whom left during the pandemic.
The Qatari benchmark (.QSI) rose 0.2%, supported by a 1% increase in Commercial Bank (COMB.QA) and a 1.8% increase in Mesaieed Petrochemical (MPHC.QA).
($ 1 = 3.6724 UAE dirhams)
Reporting by Ateeq Shariff in Bengaluru Editing by Frances Kerry
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