Latest news with #DubaiIslamicBank
Zawya
2 days ago
- Business
- Zawya
Mideast Stocks: Gulf shares up as Israel-Iran ceasefire holds, Dubai hits 17-year high
Stock markets in the Gulf closed higher on Thursday amid steady oil prices as a ceasefire between Israel and Iran appeared to be holding for a second day. Markets have been soothed by the ceasefire after 12 days of strikes on each other's territory. U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week. Dubai's benchmark stock index extended its rally to a fifth straight session, rising 1.3% to 5,684, its highest level in 17 years. Dubai Islamic Bank climbed 4.9% and tolls operator Salik advanced 2.2%. The Abu Dhabi benchmark index rose 0.8%, aided by a 7.6% surge in RAK Properties and a 4.3% gain for Abu Dhabi Islamic Bank. Fitch Ratings affirmed the UAE's rating at "AA-" with a stable outlook on Tuesday, while S&P Global assigned the same rating last week. Saudi Arabia's benchmark stock index extended its gains to a fourth straight session, rising 0.9%, with most sectors in the green. Al Rajhi Bank, the world's largest Islamic lender, gained 0.9% and oil major Saudi Aramco added 0.7%. Elsewhere, Saudi Arabia's trade surplus fell sharply in April, even as non-oil exports surged and imports rose, according to new government data issued Wednesday. Oil prices, a catalyst for the Gulf's financial markets, rose 0.4% as a larger-than-expected draw in U.S. crude stocks signalled firm demand. Brent was trading at $67.98 a barrel by 1230 GMT. The Qatari benchmark index was up for a consecutive fifth day, rising 0.4% with almost all its constituents posting gains. AlRayan Bank advanced 1.4% and Industries Qatar added 0.5%. Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday. "Markets are benefiting from favorable market sentiment following the easing of geopolitical risks", said Joseph Dahrieh, managing principal at Tickmill. "This has led to increased demand for stocks in the region and a greater focus on market fundamentals". SAUDI ARABIA up 0.9% to 11,068 KUWAIT Closed QATAR gains 0.4% to 10,685 EGYPT Closed BAHRAIN Closed OMAN down 0.2% to 4,507 ABU DHABI rose 0.8% to 9,886 DUBAI advanced 1.3% to 5,684 (Reporting by Md Manzer Hussain; Editing by Shailesh Kuber)
Zawya
5 days ago
- Business
- Zawya
Mideast Stocks: Gulf stock markets advance despite regional conflict
Major stock markets in the Gulf advanced in early trade on Monday amid rising oil prices, as investors anxiously waited to see if Iran would retaliate against U.S. attacks on its nuclear sites. Oil prices jumped to their highest since January as the United States' weekend move to join Israel in attacking Iran's nuclear facilities stoked supply concerns. Market participants expect further price gains amid mounting fears that an Iranian retaliation may include closing the Strait of Hormuz, through which roughly a fifth of global crude supply flows. Saudi Arabia's benchmark index gained 0.7%, with Al Rajhi Bank rising 0.6% and Saudi Arabian Mining Company putting on 2%. Regional stock markets were recovering to a certain extent as investors could see U.S. intervention potentially forcing Iran into peace talks, said Hani Abuagla, senior market analyst at XTB MENA. Dubai's main share index advanced 1%, led by a 2.4% jump in blue-chip developer Emaar Properties and a 1.7% increase in sharia-compliant lender Dubai Islamic Bank . Gulf states, home to multiple U.S. military bases, were on high alert on Sunday, with their leaders calling on all parties to exercise maximum restraint following U.S. strikes on Iran that raised the possibility of a wider conflict. Nuclear authorities in Saudi Arabia and the UAE said they had not detected signs of nuclear contamination following the strikes in Iran. The Abu Dhabi index added 0.2%. According to Abuagla, most markets have already recorded a significant selloff, while some investors might have priced in a worst-case outcome. As a result, the market could see a normalization if current conditions did not change too much. In Qatar, the index climbed 1.3%, with the Gulf's biggest lender Qatar National Bank rising 0.8% and Qatar International Islamic Bank leaping 3.6%. (Reporting by Ateeq Shariff in Bengaluru; Editing by Alex Richardson)
Reuters
5 days ago
- Business
- Reuters
Gulf stock markets advance despite regional conflict
June 23 (Reuters) - Major stock markets in the Gulf advanced in early trade on Monday amid rising oil prices, as investors anxiously waited to see if Iran would retaliate against U.S. attacks on its nuclear sites. Oil prices jumped to their highest since January as the United States' weekend move to join Israel in attacking Iran's nuclear facilities stoked supply concerns. Market participants expect further price gains amid mounting fears that an Iranian retaliation may include closing the Strait of Hormuz, through which roughly a fifth of global crude supply flows. Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank ( opens new tab rising 0.6% and Saudi Arabian Mining Company ( opens new tab putting on 2%. Regional stock markets were recovering to a certain extent as investors could see U.S. intervention potentially forcing Iran into peace talks, said Hani Abuagla, senior market analyst at XTB MENA. Dubai's main share index (.DFMGI), opens new tab advanced 1%, led by a 2.4% jump in blue-chip developer Emaar Properties ( opens new tab and a 1.7% increase in sharia-compliant lender Dubai Islamic Bank ( opens new tab. Gulf states, home to multiple U.S. military bases, were on high alert on Sunday, with their leaders calling on all parties to exercise maximum restraint following U.S. strikes on Iran that raised the possibility of a wider conflict. Nuclear authorities in Saudi Arabia and the UAE said they had not detected signs of nuclear contamination following the strikes in Iran. The Abu Dhabi index (.FTFADGI), opens new tab added 0.2%. According to Abuagla, most markets have already recorded a significant selloff, while some investors might have priced in a worst-case outcome. As a result, the market could see a normalization if current conditions did not change too much. In Qatar, the index (.QSI), opens new tab climbed 1.3%, with the Gulf's biggest lender Qatar National Bank ( opens new tab rising 0.8% and Qatar International Islamic Bank ( opens new tab leaping 3.6%.
Zawya
19-06-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets retreat as Israel, Iran strikes continue
Most stock markets in the Gulf closed lower on Thursday on the seventh day of the Israel-Iran conflict and as U.S. President Donald Trump kept the world guessing about whether the U.S. would join Israel in airstrikes. Dubai's main share index lost 0.7%, hit by a 2.3% slide in sharia-compliant lender Dubai Islamic Bank and a 1.2% decrease in blue-chip developer Emaar Properties . In Saudi Arabia, the benchmark index reversed early losses to edge 0.2% higher, helped by a 4.9% jump in Umm Al Qura Development and Construction. However, the index posted a weekly loss of 2.1% . In Abu Dhabi, the index concluded 0.8% down. Overnight, the U.S. Federal Reserve held rates steady as expected but retained projections for two quarter-point rate cuts this year. The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyals, are pegged to the U.S. dollar. The Qatari index fell 0.8%, with Qatar Islamic Bank losing 1.3%. Brent crude futures rose $1.06, or 1.4%, to $77.76 a barrel by 1151 GMT. Outside the Gulf, Egypt's blue-chip index dropped 1.9%, as most of its constituents were in negative territory including Talaat Moustafa Group Holding, which was down 5.8%. SAUDI ARABIA rose 0.2% to 10,611 ABU DHABI lost 0.8% to 9,423 DUBAI down 0.7% to 5,270 QATAR dropped 0.8% to 10,261 EGYPT slid 1.9% to 30,248 BAHRAIN declined 0.8% to 1,875 OMAN eased 0.3% to 4,506 KUWAIT gained 0.9% to 8,616 (Reporting by Ateeq Shariff in Bengaluru; Editing by Alison Williams)
Business Recorder
19-06-2025
- Business
- Business Recorder
Most Gulf markets retreat as Israel, Iran strikes continue
Most stock markets in the Gulf closed lower on Thursday on the seventh day of the Israel-Iran conflict and as U.S. President Donald Trump kept the world guessing about whether the U.S. would join Israel in airstrikes. Dubai's main share index lost 0.7%, hit by a 2.3% slide in sharia-compliant lender Dubai Islamic Bank and a 1.2% decrease in blue-chip developer Emaar Properties. In Saudi Arabia, the benchmark index reversed early losses to edge 0.2% higher, helped by a 4.9% jump in Umm Al Qura Development and Construction. However, the index posted a weekly loss of 2.1%. In Abu Dhabi, the index concluded 0.8% down. Overnight, the U.S. Federal Reserve held rates steady as expected but retained projections for two quarter-point rate cuts this year. The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyals, are pegged to the U.S. dollar. Most Gulf markets in red as Israel-Iran conflict escalates The Qatari index fell 0.8%, with Qatar Islamic Bank losing 1.3%. Brent crude futures rose $1.06, or 1.4%, to $77.76 a barrel by 1151 GMT. Outside the Gulf, Egypt's blue-chip index dropped 1.9%, as most of its constituents were in negative territory including Talaat Moustafa Group Holding, which was down 5.8%. ---------------------------------------- SAUDI ARABIA rose 0.2% to 10,611 ABU DHABI lost 0.8% to 9,423 DUBAI down 0.7% to 5,270 QATAR dropped 0.8% to 10,261 EGYPT slid 1.9% to 30,248 BAHRAIN declined 0.8% to 1,875 OMAN eased 0.3% to 4,506 KUWAIT gained 0.9% to 8,616 ----------------------------------------
