Qatar and Dubai markets end lower, DEWA shares jump on debut

Traders wait at the Bahrain Stock Exchange after Joe Biden won the U.S. presidency, in Manama, Bahrain November 8, 2020. REUTERS/Hamad I Mohammed

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April 12 (Reuters) – Most Middle Eastern markets ended lower on Tuesday, in tandem with global markets, while sentiment in Saudi Arabia and Egypt was boosted by higher oil prices.

Global equities fell and the dollar held firm, with data expected to show annual inflation in the United States rising at its fastest pace in 40 years.

Oil prices edged higher after Chinese demand concerns eased after Shanghai said more than 7,000 residential units had been classified as low-risk areas with no new infections reported for 14 days. Read more

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Shares of Dubai Electricity and Water Authority (DEWA) closed at 2.87 dirhams, up from the issue price of 2.48 dirhams per share during its initial public offering (IPO) of 6.1 billion. dollars, the largest in the region since Saudi Aramco (2222.SE). Read more

Investors had been flocking to Dubai since underwriting began last month, but DEWA’s stellar debut was unable to lift spirits on Tuesday, with Dubai’s main stock market index (.DFMGI) down 0 .5%.

“Investors are reacting to the falls in international markets on the one hand and the excitement over DEWA’s business debut on the other. In this regard, DEWA is recording double digit growth,” said Farah Mourad, analyst at senior market at XTB MENA.

The Qatari index (.QSI) fell 2.6% after rising in the previous six sessions. The index recorded its largest daily percentage decline since Nov. 28.

Saudi Arabia’s benchmark (.TASI) ended nearly 1% higher, with state-owned Saudi Aramco (2222.SE) up 0.6%.

Outside the Gulf, Egypt’s blue chip index (.EGX30) rose 1.6%, snapping its six-day losing streak.

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

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Reporting by Tanvi Mehta in Bangalore; Editing by Shailesh Kuber

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