AIRLINK 60.84 Increased By ▲ 1.14 (1.91%)
BOP 6.32 Increased By ▲ 0.06 (0.96%)
CNERGY 4.32 Increased By ▲ 0.05 (1.17%)
DFML 15.91 Increased By ▲ 0.21 (1.34%)
DGKC 69.12 Decreased By ▼ -0.08 (-0.12%)
FCCL 18.11 Decreased By ▼ -0.24 (-1.31%)
FFBL 26.37 Decreased By ▼ -0.38 (-1.42%)
FFL 9.18 Decreased By ▼ -0.10 (-1.08%)
GGL 10.21 Decreased By ▼ -0.09 (-0.87%)
HBL 117.06 Increased By ▲ 1.16 (1%)
HUBC 114.31 Decreased By ▼ -0.09 (-0.08%)
HUMNL 6.87 Increased By ▲ 0.07 (1.03%)
KEL 4.87 Decreased By ▼ -0.02 (-0.41%)
KOSM 5.36 Increased By ▲ 0.71 (15.27%)
MLCF 38.50 Increased By ▲ 0.11 (0.29%)
OGDC 123.33 Decreased By ▼ -1.97 (-1.57%)
PAEL 21.78 Increased By ▲ 0.22 (1.02%)
PIAA 11.80 Increased By ▲ 0.93 (8.56%)
PIBTL 6.08 Increased By ▲ 0.06 (1%)
PPL 113.07 Decreased By ▼ -1.03 (-0.9%)
PRL 28.22 Increased By ▲ 0.32 (1.15%)
PTC 11.39 Increased By ▲ 0.49 (4.5%)
SEARL 51.91 Increased By ▲ 0.21 (0.41%)
SNGP 67.35 Decreased By ▼ -0.91 (-1.33%)
SSGC 11.29 Decreased By ▼ -0.13 (-1.14%)
TELE 7.78 Decreased By ▼ -0.02 (-0.26%)
TPLP 11.54 Decreased By ▼ -0.06 (-0.52%)
TRG 71.72 Decreased By ▼ -1.15 (-1.58%)
UNITY 23.04 Decreased By ▼ -0.51 (-2.17%)
WTL 1.29 Decreased By ▼ -0.01 (-0.77%)
BR100 6,717 Increased By 68.3 (1.03%)
BR30 22,517 Decreased By -52.7 (-0.23%)
KSE100 65,326 Increased By 747.2 (1.16%)
KSE30 22,146 Increased By 256.6 (1.17%)

Most Gulf stock markets ended higher on Tuesday, as investors cheered the prospect of the world’s largest economy averting a major debt default.

A weekend deal to lift the $31.4 trillion debt limit announced by the White House and House Republicans would avert a catastrophic US default and boost overall appetite for risk.

Dubai’s main share index advanced 0.7%, with blue-chip developer Emaar Properties climbing 2.7% and toll-operator Salik Co closing 2% higher.

Gulf stock markets volatile on US debt deal, economic worries

The Abu Dhabi index concluded 0.8% higher.

Saudi Arabi’s benchmark index ended unchanged.

Oil prices - a key catalyst for the Gulf’s financial markets - fell by about 3% as concerns about the US debt ceiling pact cooled the market’s risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.

The Qatari benchmark, however, bucked the trend and fell 0.6%, with most of the stocks on the index ending lower including Masraf Al Rayan, which was down 3%.

The Qatari stock market remained under pressure, while natural gas prices recorded more volatility and could return to the downside, said George Pavel, general manager at Capex.com. “Local stocks were seeing mitigated performances, increasing uncertainty around the market’s direction.”

Outside the Gulf, Egypt’s blue-chip index jumped 1.9%, with top lender Commercial International Bank gaining 1.5%.

The Egyptian stock market continued to recover, supported by the buying volumes from local investors while international ones remained on a selling spree, Pavel said.

SAUDI ARABIA was flat at 11,140

ABU DHABI rose 0.8% to 9,484

DUBAI gained 0.7% to 3,567

QATAR dropped 0.6% to 10,339

EGYPT leapt 1.9% to 17,535

BAHRAIN eased 0.1% to 1,963

OMAN lost 0.5% to 4,619

KUWAIT added 0.2% to 7,560

Comments

Comments are closed.