Gulf stocks up despite weak Oil, US consumer data

DUBAI: Most major Gulf equities recovered early losses to close slightly higher on Thursday as investors in the region remained bullish despite weak US consumer data and global recession worries.

The latest US 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.