Gulf stocks rebound after recent losses

Gulf stock markets experienced a notable rebound on Thursday after recent losses, Reuters reported.  Investors breathed a sigh of relief as key indices surged, signaling a potential recovery from the downturn.

Saudi Arabia’s main index, the TASI, rebounded after two days of losses, gaining 0.3 per cent.

This upswing was led by a significant 4.1 per cent jump in Saudi Arabian Mining Company, following the launch of single stock options contracts for the company.

Additionally, Allianz Saudi Fransi Co-operative Insurance saw a modest 0.3 per cent rise after Abu Dhabi National Insurance acquired a 51 per cent stake in the insurer for $133.1 million.

Qatar’s benchmark index also climbed 0.3 per cent, with gains in Qatar Navigation and Industries Qatar.

However, oil prices, a key driver for Gulf markets, remained relatively flat after a recent dip.

The market continues to grapple with concerns about global demand for oil this year, although there are also positive signs suggesting a wider conflict within the Middle East production region might be avoided.

In Abu Dhabi, the index edged up slightly by 0.1 per cent. This cautious optimism comes despite comments from top US central bank officials, including Fed Chair Jerome Powell, who refrained from hinting at potential interest rate cuts.

Dubai’s main index defied the recent downward trend by advancing one per cent. This positive shift comes after four consecutive sessions of losses.

Notably, blue-chip developer Emaar Properties played a significant role in the Dubai index’s rise, climbing 1.2 per cent.