Most major stock markets in the Gulf rose in early trade on Monday in thin trade ahead of the year-end, with the Dubai index trading at its highest in over a decade.
Saudi Arabia’s benchmark index gained 0.4%, with Al Rajhi Bank rising 0.9% and ACWA Power Co advancing 1.2%.
Among other gainers, Saudi Reinsurance Company surged 10% - to its daily maximum limit - after signing a reinsurance contract with Walaa Cooperative Insurance Company.
Shares of Walaa were up 2%. Dubai’s main share index rose 0.4%, with blue-chip developer Emaar Properties increasing 1.2%, while its subsidiary Emaar Development was up 2.3%.
The Emirati finance minister said that the UAE’s real gross domestic product grew 3.6% in the first half of 2024, the state news agency reported on Monday. In Abu Dhabi, the index climbed 0.6%.
Separately, Abu Dhabi National Oil Company (ADNOC) said the firm is set to drive 200 billion dirhams ($54.45 billion) into the UAE’s economy over the next five years through its In-Country Value (ICV) Program.
Most Gulf markets gain on rising oil
The Qatari benchmark eased 0.1%, hit by a 0.3% fall in the Gulf’s biggest lender Qatar National Bank.
Oil prices edged down in thin holiday trade ahead of the year-end as traders awaited more Chinese and US economic data later this week to assess growth in the world’s two largest oil consumers.
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