Qatar, Dubai markets end lower, DEWA shares surge on debut

Merchants wait on the Bahrain Bourse after Joe Biden received the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed

April 12 (Reuters) – Most markets within the Center East ended decrease on Tuesday, in tandem with world markets, whereas sentiment in Saudi Arabia and Egypt was boosted amid larger oil costs.

World shares slipped and the greenback held agency with information anticipated to indicate annual U.S. inflation rising at its quickest tempo in 40 years.

Oil costs edged larger after considerations over Chinese language demand eased as soon as Shanghai mentioned that greater than 7,000 residential models had been categorised as lower-risk areas with no new infections reported for 14 days. learn extra

Shares of Dubai Electrical energy and Water Authority (DEWA) closed at 2.87 dirhams, up from the difficulty value of two.48 dirhams per share in its $6.1 billion preliminary public providing (IPO), the area’s largest since Saudi Aramco (2222.SE). learn extra

Traders had been flocking to Dubai because the subscription started final month, however DEWA’s stellar debut was not in a position to carry sentiment on Tuesday, with Dubai’s foremost share index (.DFMGI) down 0.5%.

“Traders are reacting to the falls in worldwide markets on one aspect and the keenness for DEWA’s buying and selling debut on the opposite. On this regard, DEWA is recording double-digit progress,” mentioned Farah Mourad, senior market analyst of XTB MENA.

The Qatari index (.QSI) fell 2.6% after rising for the earlier six classes. The index posted its largest each day proportion fall since Nov. 28.

Saudi Arabia’s benchmark index (.TASI) ended up practically 1% with state-run Saudi Aramco (2222.SE) up 0.6%.

Outdoors the Gulf, Egypt’s blue-chip index (.EGX30) rose 1.6%, breaking its six-day streak of losses.

In Abu Dhabi, the index (.FTFADGI) closed 1.6% decrease.

Reporting by Tanvi Mehta in Bengaluru; Modifying by Shailesh Kuber

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