Most stock markets in the Gulf ended lower on Thursday in the absence of fresh factors, with the Saudi index bucking the trend to close higher.
Saudi Arabia’s benchmark index edged 0.2% higher, led by a 3.5% rise in Al Rajhi Bank and a 3.7% increase in Elm Company.
The Saudi bourse continued its upward trend, supported by robust fundamentals and positive growth prospects as investors eagerly await the upcoming fourth-quarter earnings announcements, said George Pavel, General Manager at Naga.com.
Oil prices - a catalyst for the Gulf’s financial markets - rose as investors returned for the first trading day of the new year with an optimistic eye on China’s economy and fuel demand after a pledge by President Xi Jinping to promote growth.
Dubai’s main share index fell 0.1%, hit by a 2.1% fall in top lender Emirates NBD.
The Abu Dhabi index - which concluded 2024 in negative territory - dropped 1% in its first trade of the year, weighed down by a 0.6% fall in International Holding Co (IHC).
Most Gulf markets wrap up 2024 with sparse gains; Dubai stands out
Separately, Abu Dhabi’s Mubadala Investment Company accounted for about 20% of the almost $136.1 billion spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia’s wealth fund amid a surge in spending from Gulf countries.
Outside the Gulf, Egypt’s blue-chip index advanced 1.1%, as most of its constituents were in positive territory including Commercial International Bank, which was up 0.8%.
Markets in Qatar and Kuwait remained closed.
------------------------------------- SAUDI ARABIA rose 0.2% to 12,103 Dubai fell 0.1% to 5,153 Abu Dhabi lost 1% to 9,322 EGYPT up 1.1% to 30,060 BAHRAIN eased 0.3% to 1,979 OMAN lost 0.1% to 4,573 -------------------------------------
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