DUBAI: Most stock markets in the Gulf ended higher on Monday as investors looked for more clues to the global monetary policy trajectory after mixed US economic data last week, although the Saudi index eased on downbeat bank stocks.
The Qatari benchmark gained 0.4%, with the Gulf’s biggest lender, Qatar National Bank rising 0.7%, while Qatar Islamic Bank finished 0.5% higher.
The Qatari bourse stabilized to a certain extent after a volatile week, said George Khoury, Global Head of Education and Research at CFI.
“The market could remain exposed to the volatility in energy markets and could be exposed to large fluctuations this week.”
In Abu Dhabi, the index added 0.5%, led by a 4% jump in the United Arab Emirates’ largest lender, First Abu Dhabi Bank (FAB).
FAB has set the final spread for its benchmark-sized 5-year sukuk, or Islamic bond, at 85 basis points over US Treasuries, an arranging bank document showed on Monday.
Saudi Arabia’s benchmark index gave up early gains to close 0.3% lower, hit by a 1.8% fall in Saudi National Bank and a 1.6% decrease in Alinma Bank.
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