Gulf stock markets ended higher yesterday, extending gains from the previous session, as hopes for renewed US-Iran peace talks lifted investor sentiment.
TDubai’s main share index advanced 2.6 per cent, buoyed by a 3.2pc rise in blue-chip developer Emaar Properties and a 2.5pc increase in top lender Emirates NBD. Budget airliner Air Arabia jumped 6.5pc.
In Abu Dhabi, the index concluded 0.5pc higher, with Aldar Properties adding 0.6pc. GCC equity markets extended gains as hopes for diplomatic progress and easing regional tensions improved sentiment, said Joseph Dahrieh, managing director at Tickmill.
He added that solid domestic fundamentals and stronger confidence continued to support the rally, although markets remain vulnerable to any setback in the diplomatic outlook that could trigger fresh short-term volatility.
Saudi Arabia’s benchmark index climbed 0.9pc, with Al Rajhi Bank rising 1pc. Elsewhere, oil major Saudi Aramco closed 0.7pc higher. Brent crude futures were up 0.8pc to $95.50 a barrel after slumping nearly 5pc overnight to below $100. “From a medium-term perspective, elevated oil prices could remain a supportive factor, particularly if shipping disruptions ease,” said Dahrieh.
Separately, the International Monetary Fund said on Tuesday that growth in the Middle East and North Africa will slow sharply this year as oil exporters face fallout from the Iran war.
The Qatari index rose 0.4pc, led by a 1.4pc rise in the Gulf’s biggest lender Qatar National Bank.
Bahrain All Share Index has closed at 1,924.55 points, marking an increase of 14.14 points above the previous closing. This increase was due to the rise in the financial sector, the material sector and the real estate sector.
Bahrain Islamic Index has closed at 947.55 points, marking an increase of 14.05 points above the previous closing.
Results indicated that 184 equity transactions took place with a volume of 4,840,894 worth BD1,305,705. Investors traded mainly in the financial sector, representing 59.39pc of the total value of securities traded.
&uuid=(email))