Most stock markets in the Gulf ended higher on Tuesday, tracking gains in global equities as investors looked for progress in U.S.-China trade talks that could ease tensions between the world’s two largest economies.
U.S. Commerce Secretary Howard Lutnick said on Tuesday trade talks with China were going well as the two sides met for a second day in London, seeking a breakthrough on export controls that have threatened a fresh rupture between the superpowers.
World stocks, as reflected by the MSCI All-Country World index, traded near record highs, while the dollar steadied against a range of currencies.
Dubai’s main share index rose 0.1%, helped by a 1.8% rise in top lender Emirates NBD.
The bourse’s gains were limited after the benchmark index hit its highest since 2008 on Monday. However, underlying momentum remains intact, suggesting the potential for further advances in the coming sessions, said Osama Al Saifi, Managing Director for MENA at Traze.
“Although many sectors were in negative territory today, solid market fundamentals point towards continuous gains.”
Most Gulf markets rise, Dubai’s main index hits over 17-year high
Abu Dhabi, the main index finished 0.5% higher.
Oil prices - a catalyst for the Gulf’s financial markets - climbed as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia’s crude supply to China is set to dip slightly.
The Qatari index advanced 1.3%, led by a 1.4% gain in the Gulf’s biggest lender Qatar National Bank.
Outside the Gulf, Egypt’s blue-chip index closed 0.7% higher, with Talaat Moustafa Group Holding rising 2.5%.
The Saudi and Bahrain bourses remained closed due to a public holiday.
------------------------------------- Abu Dhabi up 0.5% to 9,796 Dubai added 0.1% to 5,599 QATAR rose 1.3% to 10,697 EGYPT gained 0.7% to 32,904 OMAN was up 0.1% to 4,582 KUWAIT added 0.8% to 8,925 -------------------------------------
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