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Business Recorder
04-06-2025
- Business
- Business Recorder
Most Gulf markets rise, Dubai's main index hits over 17-year high
Most Gulf share indexes ended higher on Wednesday, tracking steady oil prices as a hit to Canadian supply from wildfires offset a hit from ongoing OPEC+ output increases. Dubai's main share index hit its highest levels since 2008 and settled 0.25% higher, with real estate financier Amlak Finance the top gainer on the index with a 14.6% rise. The index has been recording gains each year since 2021. It rose 27% last year and is up 7% so far this year. Abu Dhabi's benchmark index followed the trend, closing 0.45% higher. The index recorded a second consecutive session of gains. Oil prices - a catalyst for stock markets in the Gulf – held steady, with Brent crude futures rising 0.1% to $65.59 a barrel by 1203 GMT. The OPEC+ group recently decided to increase output by 411,000 barrels per day, a similar increase from the prior two months. Meanwhile, Canada's wildfires have reduced production by 344,000 bpd, according to Reuters calculations. A possible call between U.S. President Donald Trump and Chinese leader Xi Jinping also dominated market sentiment, with investors continuing to focus on the pace of trade negotiations. Gulf stocks mixed as new tariffs take effect, oil prices retreat Saudi Arabia's benchmark stock index settled 1.59% higher, with Arabian Pipes Company jumping 35.15%. The welded steel pipes manufacturer approved an increase of its share capital to 200 million SAR ($53.32 million) at an extraordinary meeting last day. JP Morgan also said on Tuesday that the kingdom is expected to issue $12.6 billion in bonds until year-end. Companies in Saudi Arabia have been tapping debt markets, with state oil giant Aramco raising $5 billion in bonds last week. Aramco settled flat on Wednesday. Qatar's benchmark stock index finished 0.56% lower, with Commercial Bank falling 2.45%. Data from Qatar's finance ministry showed that the country recorded a budget deficit of 0.5 billion Qatari riyals ($137.32 million) in the first quarter of 2025 and total revenue of 49.9 billion Qatari riyals, down 7.5% from the same period last year. Outside the Gulf, Egypt's blue-chip index was up 1%, with automotive company GB Corp rising 7.29%. The index recorded a second consecutive session of gains. Wednesday also marks the deadline for countries to submit their best proposals for trade deals with the United States to avoid Trump's hefty tariffs. All Gulf stock markets will be closed on Thursday as the countries will be observing the Day of Arafat. ----------------------------------------- SAUDI ARABIA up 1.59% to 11,004.5 ABU DHABI up 0.45% to 9,735 DUBAI up 0.25% to 5,535.9 QATAR down 0.56% to 10,558.3 EGYPT up 1% to 32,677.9 BAHRAIN up 0.1% to 1,923.1 OMAN up 0.56% to 4,578.8 KUWAIT up 0.42% to 8,854.23 -----------------------------------------
Zawya
04-06-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets rise, Dubai's main index hits over 17-year high
Most Gulf share indexes ended higher on Wednesday, tracking steady oil prices as a hit to Canadian supply from wildfires offset a hit from ongoing OPEC+ output increases. Dubai's main share index hit its highest levels since 2008 and settled 0.25% higher, with real estate financier Amlak Finance the top gainer on the index with a 14.6% rise. The index has been recording gains each year since 2021. It rose 27% last year and is up 7% so far this year. Abu Dhabi's benchmark index followed the trend, closing 0.45% higher. The index recorded a second consecutive session of gains. Oil prices - a catalyst for stock markets in the Gulf - held steady, with Brent crude futures rising 0.1% to $65.59 a barrel by 1203 GMT. The OPEC+ group recently decided to increase output by 411,000 barrels per day, a similar increase from the prior two months. Meanwhile, Canada's wildfires have reduced production by 344,000 bpd, according to Reuters calculations. A possible call between U.S. President Donald Trump and Chinese leader Xi Jinping also dominated market sentiment, with investors continuing to focus on the pace of trade negotiations. Saudi Arabia's benchmark stock index settled 1.59% higher, with Arabian Pipes Company jumping 35.15%. The welded steel pipes manufacturer approved an increase of its share capital to 200 million SAR ($53.32 million) at an extraordinary meeting last day. JP Morgan also said on Tuesday that the kingdom is expected to issue $12.6 billion in bonds until year-end. Companies in Saudi Arabia have been tapping debt markets, with state oil giant Aramco raising $5 billion in bonds last week. Aramco settled flat on Wednesday. Qatar's benchmark stock index finished 0.56% lower, with Commercial Bank falling 2.45%. Data from Qatar's finance ministry showed that the country recorded a budget deficit of 0.5 billion Qatari riyals ($137.32 million) in the first quarter of 2025 and total revenue of 49.9 billion Qatari riyals, down 7.5% from the same period last year. Outside the Gulf, Egypt's blue-chip index was up 1%, with automotive company GB Corp rising 7.29%. The index recorded a second consecutive session of gains. Wednesday also marks the deadline for countries to submit their best proposals for trade deals with the United States to avoid Trump's hefty tariffs. All Gulf stock markets will be closed on Thursday as the countries will be observing the Day of Arafat. SAUDI ARABIA up 1.59% to 11,004.5 ABU DHABI up 0.45% to 9,735 DUBAI up 0.25% to 5,535.9 QATAR down 0.56% to 10,558.3 EGYPT up 1% to 32,677.9 BAHRAIN up 0.1% to 1,923.1 OMAN up 0.56% to 4,578.8 KUWAIT up 0.42% to 8,854.23 ($1 = 3.7506 Saudi Riyals) ($1 = 3.6412 Qatar riyals) (Reporting by Rishab Shaju in Bengaluru; Editing by Leroy Leo)
Business Recorder
03-06-2025
- Business
- Business Recorder
Gulf bourses in green as oil prices rise
Most stock markets in the Gulf were trading higher early on Tuesday as oil prices ticked up on concerns about supply. Dubai's main share index, up 0.40%, was set for a second consecutive session of gains and Abu Dhabi's benchmark index was set to snap two consecutive sessions of losses. A lower than expected supply hike from OPEC+ is boosting oil prices, a catalyst for stock markets in the Gulf. Brent crude futures were up 0.19% to $64.75 a barrel by 0627 GMT. Adding to supply concerns was a wildfire in the province of Alberta in Canada that has led to a temporary shutdown of certain oil and gas production. According to Reuters calculations, the wildfires have disrupted close to 7% of Canada's oil production. Real estate financier Amlak Finance was the top gainer on the Dubai index, up 14.29%. First Abu Dhabi Bank, the United Arab Emirates' biggest lender, was up 1.15% in early trade. Gulf stocks settle varied on tariff uncertainty, rise in oil prices In Qatar, the benchmark stock index was up 0.61%, helped by a 2.15% rise in Qatar Gas Transport and a 1.86% gain in consumer goods conglomerate Industries Qatar. Bucking the trend, Saudi Arabia's benchmark stock index was trading flat in early trade. The 1.30% fall in Tadawul Group was offset by a 2.56% rise in insurance company Buruj Cooperative Insurance. Geopolitical tensions aided the oil price increase, with Iran poised to reject a U.S. proposal to end a decades-old nuclear dispute. Failure of nuclear talks between the countries could result in continued sanctions in Iran, limiting Iranian supply. Markets, however, remain cautious as U.S. President Donald Trump and Chinese leader Xi Jinping will probably speak this week, days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions. Nasdaq futures and S&P 500 futures were both down more than 0.3%.
Reuters
03-06-2025
- Business
- Reuters
Gulf bourses in green as oil prices rise
June 3 (Reuters) - Most stock markets in the Gulf were trading higher early on Tuesday as oil prices ticked up on concerns about supply. Dubai's main share index (.DFMGI), opens new tab, up 0.40%, was set for a second consecutive session of gains and Abu Dhabi's benchmark index (.FTFADGI), opens new tab was set to snap two consecutive sessions of losses. A lower than expected supply hike from OPEC+ is boosting oil prices, a catalyst for stock markets in the Gulf. Brent crude futures were up 0.19% to $64.75 a barrel by 0627 GMT. Adding to supply concerns was a wildfire in the province of Alberta in Canada that has led to a temporary shutdown of certain oil and gas production. According to Reuters calculations, the wildfires have disrupted close to 7% of Canada's oil production. Real estate financier Amlak Finance ( opens new tab was the top gainer on the Dubai index, up 14.29%. First Abu Dhabi Bank ( opens new tab, the United Arab Emirates' biggest lender, was up 1.15% in early trade. In Qatar, the benchmark stock index (.QSI), opens new tab was up 0.61%, helped by a 2.15% rise in Qatar Gas Transport ( opens new tab and a 1.86% gain in consumer goods conglomerate Industries Qatar ( opens new tab. Bucking the trend, Saudi Arabia's benchmark stock index was trading flat in early trade. The 1.30% fall in Tadawul Group ( opens new tab was offset by a 2.56% rise in insurance company Buruj Cooperative Insurance ( opens new tab. Geopolitical tensions aided the oil price increase, with Iran poised to reject a U.S. proposal to end a decades-old nuclear dispute. Failure of nuclear talks between the countries could result in continued sanctions in Iran, limiting Iranian supply. Markets, however, remain cautious as U.S. President Donald Trump and Chinese leader Xi Jinping will probably speak this week, days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions. Nasdaq futures and S&P 500 futures were both down more than 0.3%.
Zawya
03-06-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses in green as oil prices rise
Most stock markets in the Gulf were trading higher early on Tuesday as oil prices ticked up on concerns about supply. Dubai's main share index, up 0.40%, was set for a second consecutive session of gains and Abu Dhabi's benchmark index was set to snap two consecutive sessions of losses. A lower than expected supply hike from OPEC+ is boosting oil prices, a catalyst for stock markets in the Gulf. Brent crude futures were up 0.19% to $64.75 a barrel by 0627 GMT. Adding to supply concerns was a wildfire in the province of Alberta in Canada that has led to a temporary shutdown of certain oil and gas production. According to Reuters calculations, the wildfires have disrupted close to 7% of Canada's oil production. Real estate financier Amlak Finance was the top gainer on the Dubai index, up 14.29%. First Abu Dhabi Bank, the United Arab Emirates' biggest lender, was up 1.15% in early trade. In Qatar, the benchmark stock index was up 0.61%, helped by a 2.15% rise in Qatar Gas Transport and a 1.86% gain in consumer goods conglomerate Industries Qatar . Bucking the trend, Saudi Arabia's benchmark stock index was trading flat in early trade. The 1.30% fall in Tadawul Group was offset by a 2.56% rise in insurance company Buruj Cooperative Insurance. Geopolitical tensions aided the oil price increase, with Iran poised to reject a U.S. proposal to end a decades-old nuclear dispute. Failure of nuclear talks between the countries could result in continued sanctions in Iran, limiting Iranian supply. Markets, however, remain cautious as U.S. President Donald Trump and Chinese leader Xi Jinping will probably speak this week, days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions. Nasdaq futures and S&P 500 futures were both down more than 0.3%. (Reporting by Rishab Shaju in Bengaluru; Editing by Mrigank Dhaniwala)
