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MOST stock markets in the Gulf closed higher yesterday as investors assessed the stalemate in the Iran conflict and the UAE’s decision to leave Opec.
In Abu Dhabi, the share index rose 0.7 per cent, lifted by a rally in companies tied to oil major Abu Dhabi National Oil Company (Adnoc). Adnoc Drilling surged 8.1pc, Adnoc Gas gained 3.7pc, Adnoc Logistics & Services jumped 7.8pc and Fertiglobe – the largest producer of nitrogen fertilisers in the Middle East and North Africa – ended 10.3pc higher.
Milad Azar, market analyst at XTB Mena, said the UAE’s move raised hopes that higher long-term exports would support the market and the broader economy.
Meanwhile, Americana Restaurants International soared 12.4pc, a day after reporting a steep rise in first-quarter profit.
Dubai’s main share index edged 0.1pc higher, helped by a 2pc rise in toll operator Salik. Saudi Arabia’s benchmark index gained 0.5pc, led by a 2.4pc rise in Saudi Telecom Company as the firm reported a rise in quarterly profit.
Oil major Saudi Aramco added 0.4pc. Brent crude futures for June rose $3.33, or 3pc, to $114.60 a barrel, on media reports the US will extend its blockade of Iranian ports, likely prolonging supply disruption from the Middle East producing region. The Qatari index eased 0.1pc.
Bahrain All Share Index closed at 1,967.38 points yesterday, marking an increase of 9.45 points above the previous closing.
The increase was due to the rise in the financial sector, the industrial sector and the material sector.
Bahrain Islamic Index has closed at 967.09 points, marking an increase of 4.36 points above the previous closing.
Investors traded mainly in the financial sector, representing 78.45pc of the total value of securities traded.
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