AGL 40.05 Increased By ▲ 0.05 (0.13%)
AIRLINK 130.40 Increased By ▲ 0.87 (0.67%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.47 Decreased By ▼ -0.16 (-3.46%)
DCL 8.79 Decreased By ▼ -0.15 (-1.68%)
DFML 40.90 Decreased By ▼ -0.79 (-1.89%)
DGKC 81.00 Decreased By ▼ -2.77 (-3.31%)
FCCL 32.80 Increased By ▲ 0.03 (0.09%)
FFBL 75.70 Increased By ▲ 0.23 (0.3%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 109.19 Decreased By ▼ -1.36 (-1.23%)
HUMNL 14.10 Decreased By ▼ -0.46 (-3.16%)
KEL 5.43 Increased By ▲ 0.04 (0.74%)
KOSM 8.03 Decreased By ▼ -0.37 (-4.4%)
MLCF 39.00 Decreased By ▼ -0.79 (-1.99%)
NBP 64.00 Increased By ▲ 3.71 (6.15%)
OGDC 196.49 Decreased By ▼ -3.17 (-1.59%)
PAEL 25.90 Decreased By ▼ -0.75 (-2.81%)
PIBTL 7.46 Decreased By ▼ -0.20 (-2.61%)
PPL 156.00 Decreased By ▼ -1.92 (-1.22%)
PRL 26.05 Decreased By ▼ -0.68 (-2.54%)
PTC 17.58 Decreased By ▼ -0.88 (-4.77%)
SEARL 79.50 Decreased By ▼ -2.94 (-3.57%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.70 Decreased By ▼ -0.81 (-2.35%)
TPLP 8.59 Decreased By ▼ -0.47 (-5.19%)
TREET 16.64 Decreased By ▼ -0.83 (-4.75%)
TRG 58.00 Decreased By ▼ -3.32 (-5.41%)
UNITY 27.70 Increased By ▲ 0.27 (0.98%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,514 Increased By 107.2 (1.03%)
BR30 31,413 Decreased By -300.1 (-0.95%)
KSE100 98,337 Increased By 1008.6 (1.04%)
KSE30 30,629 Increased By 436.3 (1.44%)

DUBAI: Stock markets in the Gulf ended higher on Wednesday as recession fears ebbed, extending a rebound from the recent selloff triggered by central banks globally raising interest rates to tame inflation.

In Qatar, the benchmark index logged its biggest intraday gain since May 2019 at 3.4%, with almost all index stocks in positive territory including the Gulf’s biggest lender, Qatar National Bank, which was up 5.3%.

The Qatari market rose strongly, boosted by company earnings and strong domestic fundamentals, said Eman AlAyyaf, CEO of EA Trading.

“Natural gas prices have also improved this month helping stop the decline of the main index,” AlAyyaf added.

Among other gainers, Ooredoo surged 9.2%. The telecommunications firm is in talks to sell its Myanmar unit in what would mark the exit of the country’s last foreign telecoms operator, Reuters reported on Wednesday, citing two people familiar with the matter.

Ooredoo is the last majority foreign-owned telecoms company in Myanmar after Norway’s Telenor exited in March.

Saudi Arabia’s benchmark index advanced 0.9%, led by a 0.7% rise in Retal Urban Development Co and a 1.3% gain in Saudi British Bank.

Dubai’s main share index added 0.8%, with top lender Emirates NBD rising 2%.

Abu Dhabi shares finished 1% higher, driven by a 1.5% rise in the country’s biggest lender, First Abu Dhabi Bank.

The United Arab Emirates’ economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.

Comments

Comments are closed.