3 days ago
Mideast Stocks: Major Gulf markets mixed in early trade, Dubai at 17-year high
Major Gulf stock markets were mixed in early trade on Monday with the Saudi index easing on profit-taking, while the Dubai bourse hit its highest level in seventeen years.
Dubai's main share index gained 0.7%, trading at its highest since May 2008, with blue-chip developer Emaar Properties rising 0.8%.
Elsewhere, National Central Cooling Co (Tabreed) advanced 2.1%.
Tabreed and private equity firm CVC's infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's district cooling business.
CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion).
Multiply Group shares jumped more than 6% to 2.52 dirhams, hitting the highest in over a year.
In Abu Dhabi, the index was up 0.6%.
The market's attention also turned to the revival of trade talks between the United States and Canada. Canada has rescinded its digital services tax in a bid to advance trade negotiations with the U.S., Canada's finance ministry said in a statement on Sunday.
Saudi Arabia's benchmark index eased 0.1%, on course to snap a five-day winning streak, hit by a 1.4% fall in Al Rajhi Bank and a 0.2% decrease in oil giant Saudi Aramco. Oil prices - a catalyst for the Gulf's financial markets - continued to struggle on concerns about plans for increased output from OPEC+, which contributed to a 12% slide last week.
The Qatari index fell 0.2%, with Qatar Navigation losing 1.3%.
