Most stock markets in the Gulf ended higher on Thursday, bouncing back from early losses with a rebound in oil prices, although gains were limited after the U.S. Federal Reserve raised interest rates.
Saudi Arabia’s benchmark index gained 0.4%, with Dr Sulaiman Al-Habib Medical Services rising 1.4%.
The Saudi stock market stabilized to a certain extent as oil prices rebound. The main index has recorded some price corrections and could be exposed to the weight of mixed company earnings, said Fadi Reyad, Chief Market Analyst at CAPEX.com.
“However, positive local fundamentals continue to lend support and could help the market return to the upside.”
Government-led reforms and the growth of private investment in new sectors will help support non-oil economic growth in Saudi Arabia amid an expected sharp slowdown in overall growth this year, a senior IMF official said.
Dubai’s main share index gained 0.4%, with budget airliner Air Arabia advancing 3.2%.
In Abu Dhabi, the index was up 0.3%.
Most Gulf markets fall ahead of expected interest rate hikes
Oil prices - a key catalyst for the Gulf’s financial markets - were steady after an European Central Bank (ECB) decision to slow interest rate hikes, but were unable to claw back much of this week’s more than 8% decline as demand concerns in major consuming countries continued to weigh.
The Qatari index advanced 1.5%, as most of the stocks on the index were in positive territory, including Commercial bank which finished 5.3% higher.
According to Reyad, the Qatari bourse maintained a positive outlook while natural gas prices remained stagnant and some companies published strong earnings.
Egypt was closed for a public holiday.
======================================== SAUDI ARABIA rose 0.4% to 11,119 ABU DHABI up 0.3% to 9,674 DUBAI added 0.4% to 3,591 QATAR gained 1.5% to 10,640 BAHRAIN was up 0.2% to 1,906 OMAN eased 0.1% to 4,724 KUWAIT added 0.7% to 7,779 ========================================
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