Top Dividend Stocks – MIDEAST STOCKS Mixed close for Major Gulf bourses
Major stock markets in the Gulf had a mixed session on Monday, with property shares weighing on the Dubai index but few fresh factors to trade on.
Saudi Arabia’s benchmark index (.TASI) gained 0.5%, with petrochemical firm Saudi Basic Industries (2010.SE) rising 2.1%, and Yanbu National Petrochemicals Company (2290.SE) up 2.8% after reporting a sharp surge in quarterly profit.
In Dubai, the main share index (.DFMGI) eased 0.1%, hit by a 1.8% fall in Emaar Properties (EMAR.DU), the emirate’s largest listed real estate developer, which will go ex-dividend on Tuesday, and a 2.1% drop in its unit Emaar Malls (EMAA.DU).
However, gains at Emirates NBD Bank (ENBD.DU), which finished 2.1% higher, cushioned the index’s fall.
On Sunday, the lender and Etihad Credit Insurance signed an agreement to ease the bank’s businesses access to trade finance.
The Abu Dhabi index (.ADI) lost 0.4%, pressured by a 1.3% decline in telecoms giant Etisalat (ETISALAT.AD).
In Qatar, the benchmark (.QSI) rebounded 1.5%, with most of its stocks gaining, including market heavyweight Industries Qatar (IQCD.QA), which rose 4.7%.
The Qatari cabinet last week approved a bill that will allow non-Qatari investors to own up to 100% of the capital of companies listed on the Qatar stock exchange.
It also decided to keep central bank liquidity support for local banks based on need, as the country faces a second wave of the coronavirus pandemic.
Outside the Gulf, Egypt’s blue-chip index (.EGX30) closed 0.8% higher, with 24 out of 30 stocks in the index gaining, including top lender Commercial International Bank (COMI.CA), which was up 2.3%.
Exchange data showed foreign investors were net buyers of the stocks.
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