Most stock markets in the Gulf nudged higher in early trade on Thursday with the Saudi index rising on the back of financial shares, although gains were limited in the absence of fresh factors.
Saudi Arabia’s benchmark index edged 0.1% higher, helped by a 2.2% rise in Al Rajhi Bank and a 1.7% increase in Elm Company.
Oil prices, a catalyst for the Gulf’s financial markets, nudged higher in the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China’s economy and fuel demand following a pledge by President Xi Jinping to promote growth.
Dubai’s main share index inched up 0.1%, with toll operator Salik Co gaining 1.7%. On the other hand, the Abu Dhabi index dropped 0.8%.
Most Gulf bourses gain, Dubai hits 10-year high
Separately, Abu Dhabi’s Mubadala Investment Company accounted for about 20% of the almost $136.1 billion spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia’s wealth fund amid a surge in spending from Gulf countries.
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