Main Gulf markets finish combined, Qatar data streak of losses

(Reuters) – Main Gulf inventory markets had been combined after they closed on Thursday, with modest buying and selling volumes as a result of absence of many overseas traders for Christmas.

FILE PHOTO: An investor watches a display displaying inventory data on the Abu Dhabi Inventory Change on June 25, 2014

Saudi Arabia’s benchmark fell 0.2%, hit by a decline of 0.7% for Al Rajhi Financial institution and 0.8% for the nation’s largest lender, the Nationwide Business Financial institution.

The dominion’s oil exports fell by 18.9 billion riyals ($ 5.04 billion) in October, down practically a 3rd, whereas non-oil exports fell 0.3%.

In keeping with the Worldwide Financial Fund, the Saudi economic system is predicted to shrink by 5% this yr.

Dubai’s principal inventory index rose 0.6%, with blue-chip developer Emaar Properties rising 2% and Sharia-compliant lender Dubai Islamic Financial institution gaining 0.7%.

DAMAC Properties closed 0.7% greater after its board of administrators accepted growing the stake in London’s 9 Elms property challenge to 40% from 20%.

The emirate started rolling out the COVID-19 vaccine produced by Pfizer and BioNTech totally free on Wednesday, the federal government stated, becoming a member of Saudi Arabia which final week turned the primary Arab nation to start out utilizing the vaccine.

In Abu Dhabi, the index fell 0.3%, weighed down by a 0.5% drop from the UAE’s largest lender, First Abu Dhabi Financial institution, and a 1% drop from Abu Dhabi. Business Financial institution.

The Qatari index added 0.3%, ending three periods of losses, helped by a 2.2% achieve in Qatar Islamic Financial institution and a 1.7% enhance in lender Masraf Al Rayan.

Exterior the Gulf, Egypt’s blue chip index edged up 0.1%, supported by a 4.1% soar in Cairo for funding and actual property improvement.

Probably the most populous nation within the Arab world is working to extend its provide of COVID-19 vaccines because the variety of recorded infections will increase, the well being minister stated on Wednesday.

Reporting by Ateeq Shariff in Bangalore; Enhancing by Pravin Char

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