Most stock markets in the Gulf ended higher on Monday as oil prices hold above $85 a barrel with the Saudi index hitting its highest since November.
Crude prices were steady as investors eyed Chinese first-quarter gross domestic product (GDP) due on Tuesday for signs of demand recovery in the world’s second-largest oil consumer.
The data is expected to be positive for commodity prices, with the International Energy Agency (IEA) forecasting it will account for most of 2023 demand growth.
Saudi stocks gain on rising oil prices; Qatar falls
Saudi Arabia’s benchmark index gained 1.2%, hitting its highest since November, buoyed by a 4.7% jump in oil giant Saudi Aramco.
The Saudi stock market continued to extend gains, supported by positive sentiment and strong local fundamentals, said Farah Mourad, Senior Market Analyst of XTB MENA. “However, the main index could be exposed to some price corrections if investors move to secure their gains at the next open.”
Dubai’s main share index gained 0.6%, with blue-chip developer Emaar Properties advancing 2.2%.
In Abu Dhabi, the index finished 0.2% higher.
Abu Dhabi Commercial Bank, the UAE’s third-biggest lender, reported a 27% rise in first-quarter net profit, boosted by higher net interest and non-interest income. Shares in the lender were flat.
The Qatari index retreated 0.6%, hit by a 2.3% slide in petrochemical maker Industries Qatar. The Egyptian bourse was closed for a public holiday.
SAUDI ARABIA rose 1.2% to 11,154
ABU DHABI up 0.6% to 3,514
DUBAI down 0.1% to 2,539
QATAR dropped 0.6% to 9,999
BAHRAIN was flat at 1,884
OMAN rose 0.3% to 4,772
KUWAIT added 0.9% to 7,874
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