Major Gulf markets diverged at closing, and Egypt cuts losses by Reuters

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© Reuters. Traders at the Egyptian Stock Exchange in Cairo in a photo from Reuters archive

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(Reuters) – The main stock markets in the Gulf closed mixed on Sunday, with the performance of the real estate sector negatively affected, while Egypt cut a series of losses that extended for three sessions, to close 0.7 percent higher.

The Saudi benchmark lost 0.1 percent, after gains for eight consecutive sessions, with shares of Telecom (SE:) Saudi Arabia and Riyad Bank down 1.3 percent.

It rose 0.3 percent, as Etisalat rose 0.7 percent and Aldar Properties jumped 1.9 percent.

On Thursday, data showed that the non-oil private sector in the UAE grew for the sixth consecutive month in May, although at a slightly slower pace than April, while employment contracted for the fourth consecutive month.

The Dubai index fell 0.1 percent, due to the decline of Damac Properties 8.6 percent and the decline of Emirates NBD Bank, the emirate’s largest bank, 1.1 percent.

But the leading share of Emaar Properties (DU:) increased 0.3 percent after announcing a 250 percent jump in real estate sales in Dubai in the first five months of 2021.

The Corona virus crisis struck the UAE last year, as a result of the shock of a decline and the severe impact of the pandemic on sectors of the non-oil economy such as tourism.

The Qatari index lost 0.1 percent, with shares of Industries Qatar down 0.8 percent and Qatar Islamic Bank 0.6 percent.

Outside the Gulf, the leading Egyptian index closed up 0.7%, after losses for three sessions, as El Sewedy Electric rose 4.3% and EFG Hermes (CA:) 2.7%.

Saudi Arabia The index fell 0.1 percent to 10,685 points

Abu Dhabi The index rose 0.3 percent to 6,623 points

Dubai The index fell 0.1 percent to 2,821 points

Qatar The index fell 0.1 percent to 10,739 points

Egypt The index rose 0.7% to 10,122 points

Bahrain The index rose 0.2 percent to 1,542 points

Sultanate of Oman The index rose 0.8 percent to 3,966 points

Kuwait The index rose 0.1 percent to 6,809 points

(Dollar = 3.6726 United Arab Emirates dirham)

(Press coverage by Shams El-Din Mohamed; prepared by Ahmed Elhamy for the Arab Newsletter)

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