Gulf markets rebound, Saudi falls again

Major stock markets in the Gulf mostly rebounded on Sunday, after declining in the previous session, but falling oil prices continued to weigh on Saudi Arabia where the benchmark index extended losses.

In Abu Dhabi, the index (.ADI) gained 0.6 per cent, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 0.8 per cent and telecoms firm Etisalat (ETISALAT.AD) advancing 0.9 per cent.

Among other gainers, Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) climbed 2 per cent following its inclusion in the FTSE Emerging Markets Index.

The changes will be effective from after the close of business on Sept. 17.

Abu Dhabi, the second-most populous emirate in the United Arab Emirates, on Thursday ended a partial lockdown imposed last month as part of efforts to prevent the spread of COVID-19 variants.

The benchmark index (.TASI) in Saudi Arabia, the world's largest oil exporter, fell 0.6 per cent, weighed down by a 0.8 per cent fall in Al Rajhi Bank (1120.SE) and a 1.8 per cent drop in Riyad Bank (1010.SE).

Elsewhere, Saudi Arabian mall operator Arabian Centres (4321.SE) retreated 0.7 per cent after posting a decline in quarterly net profit.

Oil prices closed out their biggest week of losses in more than nine months with another down day on Friday, as investors sold futures in anticipation of weakened fuel demand

worldwide due to a surge in COVID-19 cases.

Dubai's main share index (.DFMGI) was up 0.9 per cent on Sunday, led by a 1.2 per cent gain in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1 per cent increase in blue-chip developer Emaar Properties (EMAR.DU).