June 8, 2023

Dubai Week

Complete Dubai News World

Saudi market reacts positively to budget: Etisalat shares up 2.4%

Most of the Gulf markets have fallen, and the Dubai Stock Exchange is rising with the support of the initial offer.

Major stock markets in the Gulf region ended lower on Wednesday, monitoring the impact of the cold sentiment on global markets, while investors continued to pay after raising money in Dubai. The Dubai Electricity and Water Authority is the size of its initial public supply.

European stocks fell on Wednesday, while oil prices rose as bond market indicators included the coming difficulties for the US economy in the wake of hopes of an end to the Ukrainian conflict through negotiations between Moscow and Kiev.

“The Abu Dhabi Stock Exchange is vulnerable to the volatility of the oil markets,” said Farah Murad, a senior market analyst at the Middle East and North Africa division on XTP.

The main Dubai market index rose for the sixth consecutive session, ending with a gain of 0.4%.

Investors welcomed the Dubai Electricity and Water Authority’s decision to increase its initial public offering to 17%, raising $ 5.7 billion to $ 29.4 billion in 2019, a record for Saudi Aramco.

Shua Capital rose 1.3% after the company said it would buy Alliance Marine and Logistics Holdings.

Shares of Emirates Integrated Telecommunications Company (du) fell 1%, while shares of Tabreed fell 5.4% and both companies began trading without distributing profits.

The main Saudi index fell 0.5%.

Shares of Dawood Holding then fell 4.4% after the company announced a drop in its profits in the last quarter of this year.

The Abu Dhabi index fell slightly, ending a six-day winning streak.

The Qatar index fell 0.6%, while the leading stock index in Egypt fell 1.3%.

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Saudi Arabia: The index is down 0.5% to 13,038 points.

Abu Dhabi .. The index fell 0.6% to 9,846 points.

Dubai: The index rose 0.4 percent to 3,527 points.

Qatar: The index is down 0.6% at 13557 points.

Egypt .. The index was down 1.3% at 11,239 points.

Bahrain: The index is down 0.8% at 2062 points.

The Oman index is up 0.2% at 4,203 points.

The Kuwaiti index was up 0.2% at 9,050 points.