Most Gulf stock markets ended higher on Thursday, tracking global peers after Nvidia’s strong earnings and upbeat forecast eased concerns about a potential AI bubble, while firmer oil prices also provided support.
Oil, a key driver for Gulf financial markets, rose after a bigger‑than‑expected draw in U.S. crude inventories and a renewed push to end the Russia‑Ukraine war. Brent crude was up 1% at $64.1 a barrel by 1300 GMT.
Dubai’s benchmark stock index added 0.8% after two straight sessions of losses, supported by broad‑based gains. Blue-chip developer Emaar Properties climbed 2.7%, while Dubai Islamic Bank advanced 1%.
The Abu Dhabi benchmark index snapped a six-session losing streak to rise 0.3%, with most sectors advancing, led by technology, telecoms and real estate. Abu Dhabi Commercial Bank gained 3.7%, and Presight AI Holding jumped 9.7%, its biggest intraday gain in nearly five months.
The U.S. Commerce Department said on Wednesday it had approved the sale of advanced AI semiconductors to Presight’s parent G42, an Emirati AI firm, and to Saudi government-backed AI venture Humain.
“Markets saw a rebound as the negative sentiment of the last two days faded and global investors reacted positively to Nvidia’s better‑than‑expected results,” said Joseph Dahrieh, managing principal at Tickmill.
Saudi Arabia’s benchmark stock index edged up 0.1%, with most sectors posting gains, led by real estate, materials and information technology. Rasan Information Technology surged 7.4%, while Saudi Arabian Mining Co (Maaden) advanced 3.6%.
Separately, MP Materials said on Wednesday it would build a rare earths refinery in Saudi Arabia with the U.S. Department of Defense and state‑owned Maaden to expand Middle Eastern processing of critical minerals.
The Qatari benchmark index slipped 1.3%, with most stocks declining. Industries Qatar lost 2.2%, while Ooredoo tumbled 5.7%. Ooredoo on Wednesday completed a fully marketed secondary global offering of shares held by Abu Dhabi Investment Authority, with a final offer price of 12.50 riyals per share.
Outside the Gulf, Egypt’s blue-chip index fell 0.5%, weighed down by a 2.1% drop in Talaat Moustafa Group and a 2.8% decline in Egypt Aluminum.
SAUDI ARABIA up 0.1% to 11,011
KUWAIT up 0.1% to 9,390
QATAR fell 1.3% to 10,608
EGYPT down 0.5% to 40,302
BAHRAIN lost 0.7% to 2,022
OMAN rose 0.5% to 5,647
ABU DHABI up 0.3% to 9,885
DUBAI gained 0.8% to 5,911
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