DUBAI: Most stock markets in the Gulf ended higher on Tuesday, in line with oil prices and global shares, shrugging off concerns that the Omicron coronavirus variant could choke the global economic recovery.
Saudi Arabia’s benchmark index rose 0.3%, supported by a 1.1% gain for the kingdom’s largest lender, Saudi National Bank.
The Saudi central bank has extended a deferred payment programme meant to support the private sector by an additional three months until March 31, it said on Thursday.
The kingdom’s non-oil private sector grew last month at the slowest pace since March amid concern over the spread of the Omicron variant, a survey showed on Tuesday, though this marked a 16th consecutive month of expansion,
Crude oil prices, a key catalyst for the Gulf’s financial markets, rose on expectations that OPEC+ producers meeting on Tuesday will stick with their planned output increase for February based on indications that Omicron will have only a mild impact on demand.
Dubai’s main share index gained 0.8%, buoyed by a 1.1% rise for top lender Emirates NBD and a 0.9% increase for sharia-compliant lender Dubai Islamic Bank .
The United Arab Emirates prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has approved Dubai’s budget for the 2022-2024 financial years, with total expenditure of 181 billion Emirati dirhams ($49.28 billion), Dubai’s deputy ruler wrote on Twitter on Sunday.
The market was boosted by the larger budget announced and its expected positive impact on the economy, said Farah Mourad, senior market analyst at XTB MENA.
The Qatari index added 0.4%, with petrochemicals company Industries Qatar advancing 1%.
The Abu Dhabi index, however, fell 0.7%, hit by a 2.2% fall for telecoms giant Etisalat.
Outside the Gulf, Egypt’s blue-chip index finished 0.7% higher, with Egypt Kuwait Holding climbing 4.9%.
The market was supported by upbeat data on the economy and non-oil sectors, Mourad said.
SAUDI ARABIA rose 0.3% to 11,357
ABU DHABI fell 0.7% to 8,410
DUBAI added 0.8% to 3,216
QATAR gained 0.4% to 11,714
EGYPT rose 0.7% to 11,983
BAHRAIN was up 0.2% to 1,796
OMAN rose 0.2% to 4,179
KUWAIT firmed 0.2% to 7,668.
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