Home ›› 13 Dec 2021 ›› Stock
Most Gulf stock markets ended higher on Sunday, buoyed by a rise in oil prices due to easing concerns over the Omicron coronavirus variant's impact on global growth and fuel demand.
Saudi Arabia's benchmark index (.TASI) rose 0.3 per cent, with Sahara International Petrochemical Company (2310.SE) rising 3.3 per cent and petrochemical maker Saudi Basic Industries Corp (2010.SE) adding 1.1 per cent.
However, the index's gains were limited by losses at Saudi Telecom Company (STC) (7010.SE), which dropped about 3 per cent after the final price for the sale of 120 million shares of the company was set at 100 riyals per share, at the lower end of an earlier price range of 100 to 116 riyals.
The Saudi sovereign wealth fund, the Public Investment Fund, is set to raise 12 billion riyals ($3.20 billion) through the sale of a 6 per cent stake in STC.
Dubai's main share index (.DFMGI) edged 0.2 per cent higher, rising for an eighth session, helped by a 0.6 per cent increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Dubai's deputy ruler and finance minister Sheikh Maktoum Bin Mohammed announced the listing of Emirates Central Cooling Systems Corporation (Empower), the emirate's media office reported on Saturday.
The government announced plans for Empower's flotation among 10 state-backed companies to be listed as part of efforts to boost activity on the local bourse.
The listings are aimed at making Dubai a more competitive market against bigger bourses in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi, which are achieving larger listings and strong liquidity.
In Abu Dhabi, the index (.ADI) gained 1 per cent, snapping three sessions of losses, with Emirates Telecommunication Group (ETISALAT.AD) rising 2.3 per cent.
The United Arab Emirates expects its move to a 4-1/2 day working week and a Saturday-Sunday weekend will boost its economy and make it a more attractive place for foreigners to live, the minister of human resources and Emiratisation said on Wednesday.
Last week, the UAE announced that from the start of 2022 it would shift to a working week that ends on Friday afternoon, with a Saturday-Sunday weekend instead of Friday and Saturday.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.5 per cent, buoyed by a 2.7 per cent rise in top lender Commercial International Bank (COMI.CA).
