DUBAI: Most stock markets in the Gulf closed higher on Monday as investors turned their focus to corporate earnings while also assessing US-Iran developments.
Saudi Arabia’s benchmark index rose 0.1 percent, with Al Rajhi Bank gaining 0.2 percent and oil major Saudi Aramco ticking up 0.2 percent.
GCC stock markets closed mostly higher on Monday, driven by improved regional sentiment.
Caution persisted over US-Iran negotiations, but positive progress could spur further market gains, said Joseph Dahrieh, managing director at Tickmill.
Declining oil prices — amid rising regional output and an anticipated surplus — remain a risk for the energy sector, although the gradual normalization of shipping traffic through the Strait of Hormuz is expected to support broader economic recovery.
Dubai’s main share index gained 0.5 percent, helped by a 1.2 percent rise in top lender Emirates NBD.
In Abu Dhabi, the index added 0.2 percent.
Oil prices fell on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.
The Qatari index finished 0.2 percent higher, with Qatar Islamic Bank rising 0.8 percent.
Maritime trade between Iran and Qatar has resumed following an approximately five-month suspension, Iran’s commercial attache in Doha said on Sunday, according to state media.
Outside the Gulf, Egypt’s blue-chip index advanced 2.7 percent, led by a 3.7 percent rise in Commercial International Bank.
A Reuters poll expects Egypt’s central bank to hold interest rates steady for a third consecutive meeting on Thursday, aided by easing regional tensions.
Comments