Gulf stock markets opened slightly up on Thursday, tracking Asian peers and oil prices higher, helped by improving investor sentiment as concerns over a recent banking sector crisis eased.
Oil prices — a key catalyst for the gulf’s financial markets — was nearly steady, as a surprise drop in US crude stockpiles offset a smaller-than-expected cut to Russian supplies, while investors closely watched developments on Iraqi Kurdistan oil exports. Brent crude futures fell 5 cents, or 0.1%, to $78.23 a barrel at 0630 GMT.
Saudi Arabia’s benchmark stock index rose 0.7%, with luxury real estate developer Retal Urban Development Company adding 0.7% and Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, edging up 0.8%.
Al Rajhi Bank is set to raise $1 billion with five-year sustainable Islamic bonds, a document from one of the banks arranging the deal showed on Wednesday.
Al Kathiri Holding Company surged nearly 10%, after it completed 100 million riyals ($26.64 million) worth of domestic sukuk offering.
Dubai’s main share index advanced 0.4%, gaining for a third consecutive session, led by real estate and utilities stocks.
The blue-chip developer Emaar Properties climbed 1.4%, and Emirates Central Cooling Systems Corporation inched up 0.5%. In Abu Dhabi, the benchmark index also added 0.4%, after closing flat on Wednesday.
Gulf stocks end mixed as investors remain cautious
First Abu Dhabi Bank, the UAE’s largest lender, climbed 2.6% on Thursday, its biggest gain in more than 2 months, while medical manpower staffing firm Response Plus Holding inching up 1.4% after it announced an annual dividend of 0.07 dirham a share.
The benchmark stock index in Qatar was also up 0.4%, boosted by financials, with Sharia-compliant lender Masraf Al Rayan jumping more than 3% and chemical maker Industries Qatar rising 0.7%.
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