Stock markets in the Gulf ended mixed on Tuesday as investor enthusiasm about a peak in global interest rates faded, with the Qatari index snapping seven sessions of gains.
The Qatari benchmark fell 0.3%, ending the winning streak, with petrochemical maker Industries Qatar losing 1.7% and telecoms firm Ooredoo declining 2.3%.
Dubai’s main share index gained 0.8%, with top lender Emirates NBD advancing 1.1% and Mashreq Bank closing 5.2%.
Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum approved a budget of 246.6 billion dirham ($67.14 billion) for the emirate’s government in 2024-2026, the Dubai media office said on Monday.
The Dubai stock market continued to recover from its losses in October. The market continues to find support in the strong local economic fundamentals while sentiment improves, said Daniel Takieddine, CEO MENA at BDSwiss.
“Performance could remain positive if traders continue to focus on softer monetary policy expectations,” Takieddine said.
In Abu Dhabi, the index finished flat.
Oil prices - a key catalyst for the Gulf’s financial markets - hit fresh 2-1/2-month lows as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts.
Saudi Arabia’s benchmark index closed flat with negligible loss.
Oil giant Saudi Aramco rose 0.5% after reporting a 23% drop in third-quarter net profit, which marginally beat analyst estimates.
Meanwhile, auto rental firm Lumi slipped 0.6%, after recording a quarterly net profit of 35 million riyals ($9.33 million), up from 30.5 million riyals last year but down 30% in sequentially.
Outside the Gulf, Egypt’s blue-chip index advanced 1.5%, led by a 3.5% leap in Commercial International Bank.
Egypt is offering incentives to shore up its tourism industry in southern Sinai on the Red Sea, with fallout from the conflict in the Gaza Strip so far contained to under 10% of bookings in the country, the Egyptian tourism minister said on Monday.
========================================= SAUDI ARABIA was flat at 10,946 ABU DHABI was flat at 9,551 DUBAI gained 0.8% to 3,990 QATAR dropped 0.3% to 10,120 EGYPT rose 1.5% to 23,393 BAHRAIN was up 0.2% to 1,924 OMAN down 0.3% to 4,548 KUWAIT declined 0.6% to 7,222 =========================================
Comments
Comments are closed.