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Major Gulf bourses gain, while Union Coop falls 9% on debut

By Reuters
Union Coop’s store in Jumeirah, Dubai Coop News
Union Coop’s store in Jumeirah, Dubai
  • Oil prices lifted sentiment, with the Saudi index leading the gains
  • Saudi rose 2.3%, after major bank stocks increased
  • Emirati supermarket chain Union Coop plunged 9% in its market debut

Most stock markets in the Gulf ended higher on Monday as an uptick in oil prices lifted sentiment, with the Saudi index leading the gains.

Crude prices, a key catalyst for the Gulf’s financial markets, extended gains on a weaker dollar and tight supplies as concerns deepened around gas shipments from Russia.

The benchmark Saudi Arabian index added 2.3 percent, buoyed by a 3.3 percent rise in Riyad Bank and a 2.8 percent increase in Banque Saudi Fransi.

The Saudi market saw a positive performance after the US president’s visit and as oil prices rose, said Farah Mourad, senior market analyst of XTB MENA.

“However, the market remains exposed to another round of price corrections since global economic conditions remain uncertain,” Mourad added.

The recent pullback in oil prices and mounting recession fears had pushed the Saudi index to its lowest in more than six months on Thursday.

In Dubai, the main share index rose 0.3 percent on the back of a 2.7 percent jump in blue-chip developer Emaar Properties.

On the other hand, emirati supermarket chain Union Coop plunged about 9 percent in its market debut. The company, which has 23 branches, is the largest consumer cooperative in the UAE, according to its website.

The Abu Dhabi market edged 0.1 percent higher, with the United Arab Emirates’ biggest lender First Abu Dhabi Bank rising 0.3 percent.

The Qatari index finished 1 percent higher, driven by a 10 percent jump in Qatar Navigation (Milaha) after the shipping conglomerate won a more than 1.4 billion riyals ($384.62 million) contract from QatarEnergy.

Outside the Gulf, EGypt’s blue-chip index gained 1.1 percent as most of the stocks on the index were in positive territory.

SAUDI ARABIA rose 2.3 percent to 11,555

ABU DHABI up 0.1 percent to 9,260

DUBAI added 0.3 percent to 3,171

QATAR gained 1 percent to 12,093

EGYPT up 1.1 percent to 8,868

BAHRAIN dropped 0.6 percent to 1,833

OMAN rose 1.4 percent to 4,201

KUWAIT was flat at 8,248