Most Middle Eastern markets closed higher on Monday, with Saudi Arabia gaining on support from Saudi Aramco.
Saudi Arabia's benchmark index was up 0.5 per cent to 7,873 points, supported by state-owned Saudi Aramco, which was up 0.9 per cent at 33.1 riyals (Dh32.42), snapping a five-day losing streak. Saudi British Bank rose 2.1 per cent, while Al Rjahi Bank edged up 0.3 per cent.
Dubai's index added 0.5 per cent to 2,749 points. Emaar Properties and its unit Emaar Malls were up 0.8 per cent and 2.4 per cent, respectively. Union Properties soared 14.7 per cent, its biggest intra-day surge since December 2014. The company said on Sunday that a financing process of about Dh200 million ($54.45m) for expansion of the Dubai Autodrome project was nearing its completion. Nasdaq Dubai-listed DP World leapt 10 per cent after announcing that it would de-list and return to full state ownership.
In Egypt, the blue-chip index was up 0.5 per cent at 13,800 points, with its biggest lender Commercial International Bank Egypt rising 0.6 per cent. The Abu Dhabi index gained 0.4 per cent to 7,873 points as the country's largest lender, First Abu Dhabi Bank, edged up 0.3 per cent and the telecom service provider Etisalat gained 0.4 per cent. Oman and Bahrain indexes were both up 0.1 per cent while Kuwait edged up 0.4 per cent.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.17 per cent to close near last week’s peak of 558.30, its highest since late January. The gains were led by China, whose blue-chip index climbed 2.25 per cent after the country’s central bank lowered a key interest rate and injected more liquidity into the system. Also whetting risk appetite was an announcement by China’s finance minister on Sunday that Beijing would roll out tax and fee cuts.
Japan’s Nikkei fell 0.7 per cent after its economy shrank at the fastest pace in almost six years in the December quarter. The slowdown in the world’s third-largest economy came amid concern the coronavirus effects will hurt output and tourism, stoking fears Japan may slump into recession.
