Gulf bourses rise as Saudi index gains for fifth session
- Saudi Arabia’s benchmark index gained for a fifth consecutive session and closed 0.9% higher
BENGALURU: Saudi Arabia’s stock market led gains among most Gulf bourses on Monday, as advances in financial, utilities and materials shares extended the previous session’s rally despite weaker oil prices.
Oil prices fell by more than $1 a barrel as investors took profits ahead of an expected U.S. announcement on further sanctions on Iran, which could disrupt Middle East supplies. Iran dismissed the U.S. threat and said it would halt all oil exports from the Gulf if what it described as an economic war continued.
Meanwhile, Pakistan’s army chief Asim Munir arrived in Iran on Monday for talks, Iranian media reported. Pakistan said the visit was part of efforts to promote regional peace and stability.
Saudi Arabia’s benchmark index gained for a fifth consecutive session and closed 0.9% higher. Al Rajhi Bank rose 1.7%, while petrochemical maker Saudi Basic Industries added 1.6%. ACWA Power advanced 2%.
ACWA Power said on Sunday it had signed 15-year storage-services agreements with Saudi Power Procurement Company for three 500-megawatt battery energy-storage projects in the kingdom. The company will hold an effective 34.9% stake in each project at financial close.
Abu Dhabi’s benchmark index added 0.4%, helped by a 2.3% rise in First Abu Dhabi Bank , the United Arab Emirates’ largest lender, and a 2.5% gain in conglomerate Alpha Dhabi Holding .
Dubai’s main index rose 0.2%, with most sectors advancing. Emaar Properties added 1.3%, while toll-road operator Salik Company gained 1.2%.
Qatar’s benchmark index climbed 0.5%, with most of its constituents in positive territory. Qatar National Bank , the region’s largest lender, rose 1.4%, while Mesaieed Petrochemical Holding gained 2.1%.
“Investors will closely watch the U.S. sanctions announcement and any improvement in shipping conditions in the Strait of Hormuz. Progress in talks could lift sentiment, said Daniel Takieddine, co-founder and chief executive of Sky Links Capital Group.
“While persistent geopolitical risks remain a concern, strong local fundamentals continue to limit downside risks,” he added.
Outside the Gulf, Egypt’s blue-chip index eased 0.3%, with most shares ending lower. E-Finance declined 2.6%, while Telecom Egypt dropped 1.7%.
| SAUDI ARABIA | up 0.9% to 11,174 |
|---|---|
| DUBAI | rose 0.2% to 5,866 |
| ABU DHABI | gained 0.4% to 10,048 |
| QATAR | advanced 0.5% to 9,741 |
| KUWAIT | up 0.1% to 9,319 |
| BAHRAIN | added 0.1% to 1,947 |
| OMAN | fell 0.1% to 7,501 |
| EGYPT | down 0.3% to 55,165 |
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