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Stock markets in the Gulf ended mixed yesterday with some including the Saudi index hit by profit-taking, while those in the UAE continued their rebound following Iran-Israel ceasefire and Dubai reached a 17-year high.
Dubai’s main share index rose for sixth consecutive session to close 0.4 per cent higher, at its highest since June 2008, with blue-chip developer Emaar Properties rising 1.1pc. In other sectors, National Central Cooling Company (Tabreed) advanced 1.8pc.
Tabreed and private equity firm CVC’s infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group’s district cooling business. CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about $1.03 billion.
Multiply Group shares were up 2.6pc. The market appears well-supported by strong fundamentals for a continued upward trend, said Osama Al Saifi, managing director for Mena at Traze.
In Abu Dhabi, the index gained 0.7pc. Saudi Arabia’s benchmark index dropped 0.4pc, snapping a five-session winning streak, weighed down by a 2.5pc fall in Al Rajhi Bank. The Saudi market concluded its second quarter with losses. The next significant event could be upcoming second-quarter earnings results, which could help spur a recovery in the second half of the year, said Al Saifi.
“However, the potential for lower oil prices remains a headwind,” he said. On the other hand, oil giant Saudi Aramco added 0.1pc.
Oil prices – a catalyst for the Gulf’s financial markets – held steady as Middle East risks eased, while a possible Opec+ output increase in August and uncertainty over the global demand outlook weighed on the market.
The Qatari benchmark lost 0.2pc, ending six consecutive sessions of gains, with petrochemical maker Industries Qatar declining 1pc.
Outside the Gulf, Egypt’s blue-chip index retreated 1.1pc, with Talaat Moustafa Group Holding dropping 2.3pc.
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