DUBAI: Dubai and Abu Dhabi indexes gained on Thursday as oil prices rose on fears of supply issues, while investors took a breather in Saudi Arabia following a good rally so far this month.
Concerns about crude supply lingered as the European Union (EU) mulls a potential ban on Russian oil imports days after diminished supplies from Libya rocked the market.
Dubai’s main share index rose for a third consecutive session, but pared gains to end 0.4% higher.
Amlak Finance was the top gainer for a second session, rising 7.4%, a day after the company’s shareholders approved continuity of operations.
Emirates NBD rose 1.4% after Dubai’s biggest lender posted an 18% jump in quarterly net profit.
Outside the Gulf, Egypt’s blue-chip index rose nearly 1%. “The Egyptian stock market remains exposed to the current international issues, among them the war in Ukraine... the government has taken steps to alleviate the impact on the local economy and investors could influence the market after this month’s sharp decreases,” said Fadi Reyad, market analyst at CAPEX.com MENA.
The Egyptian pound fell to a five-year low of 18.59 to the dollar during the session, but later recouped to close at 18.50. Real estate developer SODIC jumped 13.6% after posting a 102% rise in quarterly sales.
Saudi Arabia’s benchmark index fell 1%. The index has risen nearly 4% so far this month, ending higher in 11 out of the 15 sessions.
Alkhorayef Water And Power Technologies jumped 5.6% after the company signed a contract with the Ministry of Environment worth 1.86 billion riyals ($495.97 mln).
Abu Dhabi’s index advanced 1.2% and posted its best day in over two weeks. The Qatari index edged up marginally.