Most major Gulf equities recovered early losses to close slightly higher on Thursday as investors in the region remained bullish despite weak U.S. consumer data and global recession worries.
The latest U.S. consumer data rekindled global recession worries. Additionally, Chinese data showed the world’s second-biggest economy grew 2.9% in the fourth quarter of last year, the worst showing in nearly half a century.
Fadi Reyad, Chief Market Analyst at CAPEX.com MENA, said GCC stock markets moved in different directions as Chinese economic reopening continues to fuel a positive outlook.
Oil, which fuels the region’s growth, was also trading on the back foot, with Brent crude futures lost 65 cents, or 0.8%, to $84.33 a barrel at 1030 GMT.
Saudi Arabia’s benchmark index rose 0.2%, supported by a 2.1% gain in Arab National Bank.
Saudi’s oil giant Aramco was up 0.2%.
Dubai’s benchmark index added 0.1%, supported by a 2% jump in Emirates Central Cooling Systems and a 0.7% lift in blue-chip developer Emaar Properties.
Most Gulf markets in red tracking Asian shares, oil lower
Qatari Stock index jumped 2.1%, ending seven sessions losses, as almost all its constituent stocks moved into positive territory. Gulf’s biggest lender Qatar National Bank surged 3.5% after recording losses in most of the sessions in this week.
Outside the Gulf, Egypt’s blue-chip index added 0.5%, continuing its rally since Wednesday.
Fadi attributed this rise to increase in foreign investments.
Abu Dhabi’s index, however, eased 0.5%, with the country’s biggest lender First Abu Dhabi Bank continued its slide to close 0.6% lower.
======================================= SAUDI ARABIA fell 0.2% to 10,682 QATAR jumped 2.1% to 10,811 EGYPT added 0.5% to 16,066 BAHRAIN added 0.8% at 1,927 OMAN fell 0.8% to 4,798 KUWAIT added 0.7% to 8,058 ABU DHABI fell 0.5% to 10,192 DUBAI added 0.1% to 3,353 =======================================