Gulf stocks gain on Tuesday

Gulf stock markets rose in early trading on Tuesday, driven by expectations of increased oil demand in China and the US amid rising tensions in the Middle East, as reported by Reuters on Tuesday.

Saudi Arabia’s benchmark index advanced 0.2 per cent, led by gains in finance, healthcare, materials, and energy sectors. Rajhi Bank and Saudi National Bank (SNB) saw positive movements, by 0.7 per cent and 1.1 per cent, respectively.

In Dubai, the stock index edged up 0.2 per cent, supported by increase in Emaar Properties and Dubai Islamic Bank, by 1.1 per cent and 0.5 per cent, respectively.

Qatar’s index inched up 0.1 per cent, with Qatar Islamic Bank and Qatar Navigation making gains, by 0.5 per cent and 3.5 per cent, respectively. However, Commercial Bank and Qatar International Islamic Bank saw declines.

Abu Dhabi’s benchmark index remained stable, with Alpha Dhabi Holding and First Abu Dhabi Bank experiencing slight declines, by 0.8 per cent and 0.6 per cent, respectively.

Oil prices rose one per cent, reaching $88.3 a barrel, driven by positive manufacturing activity in China and the US while concerns over Middle East conflicts impacting oil supply persist.

Leave a comment