Most stock markets in the Gulf ended higher on Wednesday, recovering from their recent losses, as diplomatic efforts continue to limit widening of the war in the region, although concerns remain.
The United Nations, United States and Canada appealed on Tuesday for a humanitarian pause in the Israel-Hamas war to allow safe deliveries of aid to civilians short of food, water, medicine and electricity in the Israeli-besieged Gaza Strip.
Turkish President Tayyip Erdogan on Wednesday urged an immediate ceasefire between Israeli and Palestinian forces and said Muslim countries must act together for lasting peace, calling on world powers to pressure Israel to halt attacks.
Saudi Arabia’s benchmark index gained 1.2%, with Alinma Bank climbing 3.1%, after reporting a sharp rise in quarterly profit.
Gulf bourses mixed ahead of US economic data amid Mideast woes
The kingdom’s non-oil gross domestic product (GDP) is expected to grow by around 6% this year, the kingdom’s finance minister said, adding he expected it would continue to be healthy.
Dubai’s main share index advanced 2.7%, extending gains from the previous session when it snapped eight sessions of losses, buoyed by a 4.2% rise in blue-chip developer Emaar Properties.
The Dubai bourse recorded improvements compared to the last few days as diplomatic efforts helped calm investors’ concerns, said Hani Abuagla, senior market analyst at XTB MENA.
“The strong local economy and large decline in prices could draw traders if conditions continue to improve in the region.”
In Abu Dhabi, the index gained 0.6%.
The Qatari benchmark, however, fell 0.2%, with petrochemical maker Industries Qatar losing 2.3%.
Outside the Gulf, Egypt’s blue-chip index jumped 3.3%, finishing at its highest, as most of its constituents were in positive territory including Talaat Mostafa, which closed 2% higher.
Egyptian President Abdel Fattah al-Sisi said on Wednesday his country was playing a “very positive role” trying to de-escalate and find a diplomatic solution to the conflict between Israel and Hamas.
======================================= SAUDI ARABIA rose 1.2% to 10,505 ABU DHABI up 0.6% to 9,325 DUBAI added 2.7% to 3,841 QATAR eased 0.2% to 9,480 EGYPT up 3.4% to 23,132 BAHRAIN gained 0.2% to 1,943 OMAN down 0.7% to 4,593 KUWAIT lost 0.3% to 7,190 =======================================
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