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Qatar index leads most of Gulf lower; Egypt rises

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FILE PHOTO: An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014.

(Reuters) – Major stock markets in the Gulf ended lower on Monday, with Qatar falling the most, while markets in Egypt closed higher.

In Qatar, the index slid 1.8%, its biggest intraday fall since April, weighed down by a 3.2% drop in petrochemical maker Industries Qatar.

Saudi Arabia’s benchmark index eased 0.1%, with Samba Financial Group falling 2.3%.

Meanwhile, the kingdom and Russia have differences over a potential deal among OPEC+ oil producers that could ease curbs on supply starting in April, a source told RIA news agency on Monday.

Dubai’s main share index dropped 1%, dragged by a 1.3% fall in its largest lender Emirates NBD Bank and a 1.6% decline in Emaar Properties.

A second wave of coronavirus infections jolted a tourism boom in Dubai that provided salve to its battered economy.

Daily infections tripled over the past month to hit a record 3,966 on Jan. 28 in the United Arab Emirates, which is now battling its biggest outbreak since the pandemic begun.

In Abu Dhabi, the index edged up 0.1%, helped by a 0.7% gain in the country’s largest lender First Abu Dhabi Bank.

Outside the Gulf, Egypt’s blue-chip index advanced 1.1%, led by a 1.8% gain in its top lender First Abu Dhabi Bank.

Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

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