Gulf bourses regain some ground after Omicron battering


Bahrain traders are pictured on Bahrain Bourse in Manama, Bahrain, on November 5, 2020. REUTERS / Hamad I Mohammed / File photo

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Nov 29 (Reuters) – Major stock markets in the Gulf rebounded on Monday, in line with oil prices and global stocks as investors settled in a few weeks of uncertainty as to whether the Omicron variant would really derail economic recovery and the tightening plans of some. central banks.

The new critical variant of coronavirus has been found as far away as Canada and Australia, as more countries have imposed travel restrictions to try to seal themselves. Read more

Saudi Arabia’s benchmark index (.TASI) rose 1.7%, a day after marking its biggest one-day drop in nearly two years, with Al Rajhi Bank (1120.SE) rising 2.2% and Saudi National Bank (1180.SE) ), the kingdom’s largest lender, placing on 1.5%.

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Elsewhere, utility company Saudi Electricity (5110.SE) gained more than 1% after the cabinet approved cutting out a unit of Saudi Power Procurement Co and handing over its ownership to the government.

Saudi Arabia’s Tadawul Group, which operates the kingdom’s stock exchange, raised 3.78 billion riyals ($ 1.01 billion) on Sunday through an initial public offering that was priced at the top of the indicated range and 121 times over-subscribed. Read more

Dubai’s main stock index (.DFMGI) jumped 2.8%, reinforced by a 4.9% increase in blue-chip developer Emaar Properties (EMAR.DU) and a 2.1% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

Dubai, the Middle East’s travel and tourism hub, slipped 5.2% on Sunday, its biggest drop since March 2020.

Oil prices, a key catalyst for the Gulf’s financial markets, rebounded more than $ 3 a barrel to recover part of Friday’s husk.

In Abu Dhabi, the index (.ADI) gained 1.2%, with Emirates Telecommunications Group (ETISALAT.AD) jumping 3.1% and major lender First Abu Dhabi Bank (FAB.AD) adding 0.2%.

Amazon (AMZN.O) has partnered with Abu Dhabi Investment Office to establish a fulfillment center by 2024, which will be built in line with the company’s carbon reduction strategies, the Abu Dhabi government’s media office said on Sunday. Read more

The Qatari index (.QSI) rose 0.5%, with almost all stocks on the index being in positive territory including petrochemical manufacturer Industries Qatar (IQCD.QA).

($ 1 = 3,7513 riyals)

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Reporting by Ateeq Shariff in Bengaluru; Edited by Subhranshu Sahu

Our Standards: The Trust Principles of Thomson Reuters.

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