Major markets in the Gulf rose on Monday, in line with Asian stock markets on improved market sentiment, with the Dubai index leading the gains ahead of TECOM Group’s IPO.
The prospect of more supply tightness loomed over the market as western governments sought ways to cut Russia’s ability to fund its war in Ukraine.
MSCI’s broadest index of Asia-Pacific shares was up 1.19%. Dubai’s main share index advanced 1.1%, boosted by a 2.7% rise in top lender Emirates NBD and 1% increase in blue-chip developer Emaar Properties.
Dubai business park operator TECOM Group set final price for its initial public offering at 2.67 Dirhams per share, implying a market capitalisation of AED 13.4 billion ($3.65 billion).
Abu Dhabi index extends losses, Dubai edges up
In Qatar, the index traded 0.8% higher, led by a 2.1% surge in petrochemical maker Industries Qatar and a 2.3% jump in Masraf Al Rayan. Saudi Arabia’s benchmark index rose 0.6%, supported by gains in banking stocks.
Index heavyweight Al Rajhi Bank and Riyad Bank jumped 1.6% and 1.7% respectively. Among other stocks, Saudi Arabian Refineries surged 5.2% after the company announced issuance of commercial registration for its subsidiary under the name Al-Sado Investment with a capital of 5 million Riyals.
In Abu Dhabi, the equities index rose 0.5%, with the emirates’ biggest lender First Abu Dhabi Bank jumping 1% and Abu Dhabi Ports up 2.2%.
However, Dana Gas fell 3.2% after it said that rockets landed within the Khor Mor Block in the Kurdistan Region of Iraq.
The company also said work on the KM 250 expansion project has been temporarily suspended while security enhancements are carried out.