DUBAI: Abu Dhabi led most Gulf stock markets higher on Tuesday in line with global shares, while the Saudi index extended losses from the previous session.
European shares followed a positive start in Asia, with the STOXX index of Europe’s 600 biggest stocks up 1.7% on optimism about an easing of China’s crackdowns on tech and COVID-19.
Abu Dhabi’s benchmark index jumped about 3%, buoyed by a 3.9% rise in the country’s largest lender First Abu Dhabi Bank, and a 1.6% increase in telecoms firm e&.
Last week, e&, formerly known as Emirates Telecommunications Group, said it had bought a 9.8% stake in Vodafone for $4.4 billion, days after saying it was looking to expand into new markets and related areas such as financial technology.
Dubai’s main share index finished 1.5% higher, with the emirate’s biggest listed property group Emaar Properties gaining 6.9%.
On Friday, Emaar reported a record first-quarter profit of 2.24 billion dirham ($610 million), as property sales surged 17%.
Analysts had expected a net profit of 1.06 billion dirhams, according to Refinitiv.
Saudi Arabia’s benchmark index extended losses to close 1.7% lower, with Al Rajhi Bank dropping 4%, while Saudi Aramco retreated 3.1%.
The kingdom’s crude oil exports in March fell to 7.235 million barrels per day, official data showed on Monday.
Elsewhere, the Qatari index rose 1.4%, ending three sessions of losses, boosted by a 5.4% leap in Commercial Bank .
Outside the Gulf, Egypt’s blue-chip index fell 0.2%, hit by a 1.5% drop in top lender Commercial International Bank.
Egypt has lowered its forecast for gross domestic product growth in the 2022/23 fiscal year, which begins in July, to 4.5% from 5.5%, a cabinet statement quoted the prime minister as saying on Monday.
SAUDI ARABIA fell 1.7% to 12,690
ABU DHABI up 2.9% to 9,770
DUBAI rose 1.5% to 3,470
QATAR gained 1.4% to 12,858
EGYPT lost 0.2% to 10,439
BAHRAIN eased 0.2% to 1,957
OMAN rose 0.2% to 4,163
KUWAIT added 1.3% to 8,639.
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