DUBAI: Stock markets in the Gulf ended mixed on Monday, with the Saudi index extending gains from the previous sessions when it reached its highest in over 15 years. Saudi Arabia’s benchmark index gained 0.5%, at its highest since July 2006, led by a 1.4% rise in the kingdom’s biggest lender Saudi National Bank and a 1.8% increase in Saudi Telecom Company. Oil prices, a key catalyst for the Gulf’s financial markets, were steady as investor bets that global supply will remain tight amid restraint by major producers were offset by a rise in Libyan output.
The Qatari index finished 0.3% higher, led by a 2.4% increase in Qatar National Bank. Last week, the Gulf’s biggest bank reported a 10% increase in annual net profit driven by loan growth.
However, Qatar Islamic Bank fell 1.2%, despite reporting a rise in annual profit. Investors remain cautious while uncertainties remain around the developments in U.S. monetary policy, said Wael Makarem, senior market strategist at Exness.
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