DUBAI: Major Gulf bourses ended higher on Thursday as investors wait for the outcome of US-Iran nuclear talks that could add crude supplies to global markets, while the index in Abu Dhabi clocked its best day in over three weeks.
Across the globe, the rebound in share prices paused on Thursday as investors geared up for a crucial US inflation report that should offer new clues on the pace of Federal Reserve interest rate hikes.
Saudi Arabia’s benchmark index ended up 0.5%. Bank Aljazira rose 4.6%, with the share scheduled to trade ex-dividend from Monday.
Shares of media company Tihama gained 1.4% after the company reported a narrower quarterly loss on Wednesday.
In Abu Dhabi, the index rose nearly 1% in its best day since Jan 19. “The Abu Dhabi stock market also benefited from the announced reduction in sanitary restrictions and is seeing a rush thanks to new interest the IPO of AD Ports has created among investors,” said Wael Makarem, Senior Market Strategist - MENA at Exness.
The United Arab Emirates will gradually lift restrictions pandemic restrictions following declining infections and hospitalisations, the state news agency WAM reported on Wednesday. Tourism remains a big boost for the oil-rich federation.
Shares of Aldar Properties gained 0.7% a day after the company said it plans to spend at least 5 billion dirhams ($1.36 billion) this year on assets in the retail and education sectors that generate recurring revenues.
Dubai’s main share index was up for the fifth straight day, gaining 0.2%. Financials were the top contributors.
The Qatari index ended flat, a day after clocking its best session in nearly a month. Gains in Masraf Al Rayan were offset by losses in Commercial Bank QSPC.
Outside the Gulf, Egypt’s blue-chip index dropped 0.2%. Egypt’s annual urban consumer price inflation accelerated to 7.3% in January, its highest since August 2019, from 5.9% in December, official data showed on Thursday.
SAUDI ARABIA rose 0.5% to 12,269
ABU DHABI up 1% to 8,926
DUBAI added 0.2% to 3,250
QATAR eased 0.1% to 12,809
EGYPT lost 0.2% to 11,579
BAHRAIN was up 0.7% to 1,867
OMAN rose 0.1% to 4,093
KUWAIT gained 0.3% to 8,082.
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