Most stock markets in the Gulf rose on Thursday in line with global peers and firmer oil prices, while investors awaited a raft of economic data, ahead of the Federal Reserve’s meeting next week. Oil price – a catalyst for the Gulf’s financial markets- gained, supported by strong U.S. demand outlook, and heightened geopolitical risk, with Brent rising 0.9% to $84.76 a barrel by 1418 GMT.
Dubai’s benchmark index advanced 0.7%, supported by gains in almost all sectors with Emirates NBD, the Emirate’s largest lender, and tolls operator Salik Company both rising 2%.
Dubai’s Parkin, which oversees public parking operations in the Emirates, has raised 1.57 billion dirhams ($427.5 million) after pricing its IPO at the top of its range at 2.1 dirhams per share. Parkin is expected to start trading on March 21.
The Qatari benchmark index was up 0.6%, lifted by gains in almost all sectors with Qatar National Bank, the region’s largest lender, rising 0.7% and Qatar Gas Transport adding 3%.
In Abu Dhabi, the benchmark index rose 0.1%, helped by a 1.4% increase in Aldar Properties and a 4.6% surge in ADNOC Drilling.
Saudi Arabia’s benchmark index was up marginally with ACWA Power rising 5.9% and Saudi Arabian Mining gaining 2.5%. However, oil major Saudi Aramco and the kingdom’s largest lender Saudi National Bank slipped 2.5% and 2.0% respectively.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt’s blue-chip index rose 1%, ending its two sessions of losses with almost all sectors in the green. Commercial International Bank gained 2.7% and El Sewedy Electric advanced 2.7%.
- SAUDI ARABIA rose 0.04% to 12,729
- KUWAIT fell 0.3% to 8,149
- QATAR gained 0.6% to 10,256
- EGYPT added 1% to 31,316
- BAHRAIN gained 0.2% to 2,047
- OMAN added 0.6% to 4,786
- ABU DHABI up 0.1% to 9,255
- DUBAI rose 0.7% to 4,290
(Reporting by Md Manzer Hussain; Editing by Shailesh Kuber)
Reuters
