AVN 66.45 Increased By ▲ 0.75 (1.14%)
BAFL 30.07 Increased By ▲ 1.08 (3.73%)
BOP 4.75 Increased By ▲ 0.16 (3.49%)
CNERGY 4.02 Increased By ▲ 0.27 (7.2%)
DFML 14.29 Increased By ▲ 0.03 (0.21%)
DGKC 43.98 Increased By ▲ 1.28 (3%)
EPCL 44.48 Increased By ▲ 2.31 (5.48%)
FCCL 11.95 Increased By ▲ 0.75 (6.7%)
FFL 4.98 Decreased By ▼ -0.06 (-1.19%)
FLYNG 6.14 Increased By ▲ 0.31 (5.32%)
GGL 10.41 Increased By ▲ 0.16 (1.56%)
HUBC 62.09 Increased By ▲ 1.94 (3.23%)
HUMNL 5.87 Increased By ▲ 0.13 (2.26%)
KAPCO 27.51 Increased By ▲ 0.62 (2.31%)
KEL 2.22 Decreased By ▼ -0.02 (-0.89%)
LOTCHEM 26.73 Increased By ▲ 0.55 (2.1%)
MLCF 22.52 Increased By ▲ 1.53 (7.29%)
NETSOL 86.60 Increased By ▲ 1.98 (2.34%)
OGDC 86.30 Increased By ▲ 0.40 (0.47%)
PAEL 11.38 Increased By ▲ 0.23 (2.06%)
PIBTL 4.29 No Change ▼ 0.00 (0%)
PPL 80.26 Decreased By ▼ -0.04 (-0.05%)
PRL 13.66 Increased By ▲ 0.98 (7.73%)
SILK 0.90 Decreased By ▼ -0.01 (-1.1%)
SNGP 41.92 Increased By ▲ 0.62 (1.5%)
TELE 6.29 Increased By ▲ 0.24 (3.97%)
TPLP 16.39 Increased By ▲ 0.52 (3.28%)
TRG 112.91 Increased By ▲ 2.41 (2.18%)
UNITY 14.42 Increased By ▲ 0.49 (3.52%)
WTL 1.20 Increased By ▲ 0.02 (1.69%)
BR100 4,075 Increased By 124 (3.14%)
BR30 14,525 Increased By 302.7 (2.13%)
KSE100 40,847 Increased By 1061.6 (2.67%)
KSE30 15,212 Increased By 411.4 (2.78%)
Follow us

Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world’s second largest economy, China, and smaller interest rate hikes from the U.S. Federal Reserve.

The Fed will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady for at least the rest of the year, according to most economists in a Reuters poll.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

The International Energy Agency (IEA) said on Wednesday that China’s lifting of COVID-19 restrictions should bring global demand to a record high this year. OPEC also forecast a rebound in Chinese demand.

The benchmark index in Saudi Arabia added 0.3%, lifted by gains in materials, financial and energy sector stocks, with oil giant Saudi Aramco continuing its gains since Monday, rising 0.6%. The world’s largest Islamic bank by market capitalization, Al Rajhi Bank, rose 0.8%.

In Abu Dhabi, the index rose 0.6%, ending its four session losing streak, with the country’s biggest lender First Abu Dhabi Bank surging 2.7% and real estate developer Aldar Properties rising 1.3%.

The developer said on Monday that the first phase Of ‘The Sustainable City – Yas Island’ was sold out within 24 hours, generating over 1 billion dirhams in sales.

Dubai hopes to seize private sector listings, boost access to stock exchange

Dubai’s benchmark index bounced back from two sessions of losses, rising 0.4%. The index was lifted by gains in financial and real estate stocks, with Dubai Islamic Bank up 2.2% and Mashreqbank climbing 3.1%, while real estate heavyweight Emaar properties added 0.3%.

The Qatari index rose 0.7%, extending its rally since Thursday, with almost all its constituent stocks gaining.

Qatar Islamic Bank continued its gains with a 2.3% rise and Qatar International Islamic Bank rose 1.7%.

Outside the Gulf, Egypt’s blue-chip index climbed 1.6%, continuing its rally since Wednesday.

“The Egyptian stock market continued to see a surge in investments from international traders”, said Daniel Takieddine, CEO MENA at BDSwiss.

“The index could maintain its uptrend as the country continues to secure financing deals from international institutions”.

Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities.

======================================
 SAUDI ARABIA    rose 0.3% to 10,796
 QATAR           rose 0.7% to 11,106
 EGYPT           added 1.6% to 16,440
 BAHRAIN         rose 0.2% at 1,929
 OMAN            added 0.2% to 4,786
 KUWAIT          rose 0.1% to 8,192
 ABU DHABI       added 0.6% to 10,222
 DUBAI           rose 0.4% to 3,364
======================================

Comments

1000 characters

Gulf markets rise on China demand optimism

Alarm bells: SBP-held foreign exchange reserves plunge $923mn, now stand at mere $3.7bn

Imran Khan's arrest will create instability in country: President Alvi

Rupee plunges to record low in inter-bank market after nearly 10% fall

After Fawad's arrest, Imran says state cannot 'terrify us into submission'

KSE-100 increases over 1,000 points as Pakistan moves to revive IMF programme

14-member KP caretaker cabinet takes oath

PM Shehbaz reaffirms resolve to deepen economic, trade engagement with US

Pakistan to decide currency for Russia oil trade in March: Musadik Malik

Pakistan reviewing India’s Shanghai Cooperation Organisation invite: FO

Ishaq Dar has inflicted huge financial dent to Pakistan: Miftah Ismail