Major stock markets in the Gulf rose in early trade on Monday, tracking oil prices higher with the Saudi index on course to snap two sessions of losses.
Oil prices - a catalyst for the Gulf’s financial markets - edged up, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a US government shutdown restored risk appetite.
OPEC+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four OPEC+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally.
Saudi Arabia’s benchmark index gained 0.4%, with Dr Sulaiman Al Habib Medical Services rising 1.9% and Saudi National Bank advancing 2.3%. Dubai’s main share index rose 0.3%, led by a 1.6% increase in blue-chip developer Emaar Properties and a 0.9% gain in toll operator Salik Company.
Gulf shares dip on expectations for firm interest rates
In Abu Dhabi, the index added 0.1%. The Qatari index was up 0.5%, with petrochemical maker Industries Qatar rising 1%. Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter of 2023, the central bank said on Sunday.
It attributed the BoP surplus to “the elevated diversification of the Qatari economy” which achieved targets.
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