MIDEAST STOCKS Major Gulf markets end mixed, Egypt snaps losing streak

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Major stock markets in the Gulf ended mixed on Sunday, with property shares weighing on the Dubai index, while Egypt snapped a three-session losing streak to close 0.7% higher.

Saudi Arabia’s benchmark index (.TASI) closed 0.1% lower, snapping eight straight sessions of gains, with Saudi Telecommunications (7030.SE) and Riyad Bank (1010.SE) dropping 1.3%.

The Abu Dhabi index (.ADI) closed 0.3% higher, as telecoms operator Emirates Telecommunications Group (ETISALAT.AD) gained 0.7% and Developer Aldar Properties (ALDAR.AD) jumped 1.9%.

The United Arab Emirates’ non-oil private sector expanded for a sixth consecutive month in May, though at a slightly slower pace than in April, data showed on Thursday, while employment shrank for the fourth straight month. read more

Dubai’s index (.DFMGI) fell 0.1%, led by an 8.6% slump in developer Damac Properties (DAMAC.DU) and a 1.1% drop in Dubai’s largest lender Emirates NBD Bank (ENBD.DU).

However, blue-chip developer Emaar Properties (EMAR.DU) gained 0.3% after reporting a 250% surge in property sales in Dubai in the first five months of 2021.

The coronavirus crisis hit the Gulf state hard last year, both via the shock of low oil prices and the huge toll it took on vital non-oil economic sectors such as tourism.

Qatar’s index (.QSI) also lost 0.1%, with Industries Qatar (IQCD.QA) falling 0.8% and Sharia lender Qatar Islamic Bank (QISB.QA) shedding 0.6%.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) closed 0.7% higher, snapping a three-session losing streak, as Elsewedy Electric (SWDY.CA) climbed 4.3% and EFG Hermes Holdings (HRHO.CA) rose 2.7%.

($1=3.6726 UAE dirham)

Our Standards: The Thomson Reuters Trust Principles.

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