AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Most stock markets in the Gulf ended higher on Tuesday amid strong fundamentals and rising oil prices, while the Dubai index extended losses on plans for a federal corporate tax and geopolitical tensions.

Saudi Arabia's benchmark index added 0.2%, helped by a 1.5% gain in the kingdom's largest lender Saudi National Bank .

Stock markets in the Gulf were mostly rising thanks to the strong energy markets and solid local fundamentals. The region is benefiting from a post COVID recovery and decreasing concerns about the spread of the Omicron variant, said Eman AlAyyaf, CEO of EA Trading.

The Qatari benchmark gained 0.6%, with Qatar Gas Transport jumping 3.9%.

Geopolitical tensions hit UAE stocks, oil supports Saudi shares

In Abu Dhabi, the index reversed early losses to end 0.2% higher, with conglomerate International Holding gaining 0.7%.

Dubai's main share index finished 1% lower, extending losses from the previous session, weighed down by a 1.7% fall in blue-chip developer Emaar Properties.

The United Arab Emirates (UAE) said on Monday it would introduce a federal corporate tax on business profits for the first time starting from June 1, 2023, although it kept the rate low, at 9%, to maintain its attractiveness for businesses.

Corporate taxes on profit are expected to reduce net earnings for companies outside free zone properties, creating a bearish sentiment in the market, according to Vijay Valecha, chief investment officer of Century Financial.

"Additionally, increasing geopolitical tensions between the UAE and Yemen are weighing heavily on the local bourses."

On Monday, the UAE intercepted a ballistic missile fired by Yemen's Iran-aligned Houthi movement, the third such attack on the US-allied Gulf state in the last two weeks.

Outside the Gulf, Egypt's blue-chip index closed 1% higher, led by a 1.1% increase in top lender Commercial International Bank.

SAUDI ARABIA rose 0.2% to 12,293

ABU DHABI up 0.2% to 8,717

DUBAI dropped 1% to 3,171

QATAR gained 0.6% to 12,573

EGYPT added 1% to 11,603

BAHRAIN was up 0.3% to 1,815

OMAN fell 0.1% to 4,111

KUWAIT rose 0.3% to 8,033

Comments

Comments are closed.