MIDEAST STOCKS Saudi Leads Major Gulf Markets Higher; Egypt Slides

Major stocks markets in the Gulf ended higher on Tuesday, with the Saudi index leading the way, while broad – based losses pulled Egyptian shares lower amid media reports the country’s National Bank is set to raise $1 billion to refinance debt.

Egypt’s blue – chip index (EGX30) declined 2.1%. Most of the stocks on the indez were in negative territory, including Commercial International Banl (COMI.CA), which dropped 2%.

Saudi Arabia’s benchmark index (.TASI) finished 1.3% higher, buoyed by a 1.8% rise in Al Rajhi Bank and a 5.7% jump in Riyadh Bank.

Russian Deputy Prime Minister Alexander Novak on Tuesday offered to work with Saudi Arabia on hydrogen production, speaking during an online meeting of the intergovernmanetal commission of Russia and Saudi Arabia.

The kingdom, which plans to diversify its economy, is considering several large – scale project to produce hydrogen.

The Qatari index rebounded 0.9%, a day after declining over 1 %. Petrochemical firm Industries Watar advanced 3.6%, while Qatar Islamic Bank rose 0.9%.

However,Qatar National Banl eased 0.6%.

QNB, the Gulf’s largest lender, said former Qatar Finance Minister Ali Sherif al – Emadi had been removed from the banl’s board of directors after his arrest earlier this month over embezzlement allegations.

Dubai’s main share index (DFMGI) closed 0.4% higher, with sharia – compliment lender Dubai Islamic Bank gaining 1%, despite its shares trading ex – divident.

In Abu Dhabi, the index (ADI) added 0.3%, supported by a 0.7% increase in telecoms firm Estisalat and a 2.9% gain in Abu Dhabi Commercial Banl.

Anu Dhabi plans to sell U.S. dollar bonds pn Tuesday in its first foray in the international debt markets this year, raising cash for state coffers despite a recent rebound in oil prices.

The United Arab Emirates, where Abu Dhabi is the capital, was hit hard by the COVID-19 pandemic and last year’s crash in oil prices, but a rebound in global crude demand as economies re – open has reduced the urgency to borrow for budget purpose.


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