Gulf stock markets rebounded yesterday, as expectations that the US was nearing a deal with Iran to end the Middle East war and firmer oil prices lifted investor sentiment.
Dubai’s benchmark stock index rose 0.6 per cent, recovering from the previous session’s losses, with gains across all sectors. Emaar Properties added 1.1pc, while budget carrier Air Arabia advanced 2.4pc.
Dubai approved an additional 1.5 billion dirhams ($408.5 million) in economic incentives, bringing total support announced over the past two months to 2.5bn dirhams, the emirate’s crown prince said on X.
The Abu Dhabi benchmark index gained 0.4pc, led by utilities and technology stocks. Abu Dhabi Islamic Bank rose 1.2pc, while Adnoc Logistics and Adnoc Gas added 1.1pc and 0.6pc, respectively. Adnoc’s chief executive officer said the state oil giant remained committed to its $150bn five-year capital expenditure programme to expand operations, support growth and meet global energy demand.
The Qatari benchmark index rose 0.6pc, with Estithmar Holding jumping 2.3pc after a report that it had tapped Rothschild for a potential IPO of its healthcare unit. QatarEnergy-linked Industries Qatar and Mesaieed Petrochemical gained 0.8pc and 1.8pc, respectively.
QatarEnergy said on Wednesday it had acquired interests in three offshore exploration blocks in Uruguay from a Shell subsidiary, marking its first entry into the country’s upstream sector.
Saudi Arabia’s benchmark stock index climbed 0.4pc, with Saudi National Bank up 2.2pc. Kingdom Holding surged 8.3pc, its biggest intraday percentage gain in more than a year, after saying the Four Seasons Resort and Residences Red Sea on Shura Island had started welcoming guests.
The Omani benchmark index snapped a nine-session losing streak, surging 5.4pc as all constituents advanced. OQ Exploration and Production rose 6.8pc, while Bank Nizwa jumped 9.4pc. “Despite the recent declines, the market remains on a strong uptrend and could continue to appeal to investors looking to buy the dip in a resilient economy,” said George Pavel, general manager at Naga.com Middle East.
Outside the Gulf, Egypt’s blue-chip index rose 0.3pc, helped by an 8.3pc gain in Orascom Development and a 1.5pc rise in Fawry for Banking Technology.
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