Major Gulf bourses closed higher, and Aramco deepens its losses

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The main index of the Dubai Stock Exchange closed up by 0.3 percent, driven by an increase of 6.1 percent in Damac Properties and 0.5 percent in Emirates NBD. While the losses of the oil giant Aramco shares from the gains of the Saudi market.

  • Dubai and Abu Dhabi stock markets made gains on Sunday

The two UAE exchanges made gains at the close on Sunday, driven by the shares of banks and real estate companies, while the losses of the oil giant Aramco’s shares limited the gains of the Saudi market.

The main index of the Dubai Stock Exchange closed up by 0.3 percent, driven by an increase of 6.1 percent in Damac Properties and 0.5 percent in Emirates NBD.

DAMAC confirmed that Port Investment Limited, which transferred its shares to Omran Group, is a company owned by DAMAC International Limited, a joint venture company in which DAMAC Properties in Dubai holds a minority stake of only 20 percent.

In Abu Dhabi, the index rose 0.6 percent, with the largest bank in the country, Abu Dhabi, the first with the same percentage, and Al-Alamiah Holding rising 2.4 percent.

The main Saudi index rose only 0.1 percent, with Al-Rajhi Bank adding 1.9 percent and Bank Albilad 1.5 percent.

The bank announced a net profit of 318.1 million riyals (84.81 million dollars) in the second quarter, up from 304.9 million riyals a year ago. As for the oil giant, Aramco, the stock fell 0.8 percent to 32.8 riyals.

Official data last Thursday showed that the value of Saudi oil exports fell 65 percent year on year in May, falling by the equivalent of 12 billion dollars.

The Qatari index also rose, but a slight increase of 0.1 percent, driven by an increase of three percent in the share of Commercial Bank and a jump in the share of Qatar Aluminum Company by 8.7 percent after it announced an increase in net profit for the first half of the year.

However, the share of Qatar Petrochemical Industries Company decreased by 0.8 percent before announcing its financial results for the second quarter of the year.

And the Qatar News Agency reported last Thursday that Qatar renews its commitment to resolving the Gulf crisis through peaceful and diplomatic means.

Outside the Gulf region, the Egyptian leading stock index rose 0.6 percent and most of the shares were traded in the positive region, including the rise of Hermes Holding Group’s shares, 8.3 percent.





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