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Markets

Most Gulf markets track oil, Asian shares higher

  • The index's gains, however, were capped by losses at the country's largest lender First Abu Dhabi Bank.
23 Feb 2021

Most stock markets in the Gulf region rose in early trade on Tuesday, tracking gains in oil prices and Asian shares, with Dubai benchmark index on track to snap five sessions of losses.

Oil prices, a key catalyst for the Gulf region's financial markets, jumped more than $1 on a tight global supply outlook and an approaching meeting of top crude producers is expected to keep output largely in check.

Saudi Arabia's benchmark index rose 0.8%, with Al Rajhi Bank increasing 1.5%, while petrochemical firm Saudi Basic Industries was up 1.7%.

Dubai's main share index advanced 1.1%, outperforming the peers, boosted by a 2.2% gain in its largest lender Emirates NBD. Among others, blue-chip developers Emaar Properties climbed 1.1%.

In Abu Dhabi, the index edged up 0.2%, with Emirates Telecommunications Group (Etisalat) rising 1%.

Etisalat's board recommended a total dividend of 1.2 dirhams per share for the year 2020, including a special dividend of 40 fils per share after the telco canceled its share buy-back program.

The index's gains, however, were capped by losses at the country's largest lender First Abu Dhabi Bank.

The Qatari index rose 0.3%, a day after it saw biggest intraday fall in ten months.

Qatar National Bank, the Gulf's largest lender by assets, gained 2.3%, while Sharia-compliant lender Masraf Al Rayan traded 1.6% higher.