Major stock markets in the Gulf were mixed early on Monday ahead of earnings and Chinese economic data, with the Saudi index on course to extend gains for a fourth consecutive session.
Crude prices - a key catalyst for the region’s financial markets - were steady as investors eyed economic data from China for signs of demand recovery in the world’s second-largest oil consumer.
China’s first-quarter GDP data due this week is expected to be positive for commodity prices, with the International Energy Agency (IEA) forecasting that it will account for most of the demand growth in 2023.
Saudi Arabia’s benchmark index gained 0.4%, led by a 2.2% rise in Dr Sulaiman Al-Habib Medical Services Group and a 1.7% increase in oil giant Saudi Aramco Base Oil Co JSE. Elsewhere, shares of Saudi food retailer Almunajem Foods Company advanced 3.9%, following an upbeat sequential first-quarter net profit.
Dubai’s main share index added 0.3%, with blue-chip developer Emaar Properties rising 0.8%, and a 4.2% jump in Dubai Financial Markets.
In Abu Dhabi, the index eased 0.2%, hit by a 0.9% fall in conglomerate International Holding.
The Qatari index also fell 0.4%, weighed by a 2% slide in Qatar National Bank QPSC.
Gulf stocks end mixed as investors remain cautious
Banks in the Middle East and Central Asia have very limited exposure to the banking turmoil in the United States and Europe, but financial pressures are adding to strains caused by high interest rates, volatile oil prices and years of double-digit inflation, a top IMF official said on Saturday.
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