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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
2 days ago
- Business
- Zawya
Mideast Stocks: Gulf shares rise as Iran-Israel ceasefire holds
Stock markets in the Gulf rose in early trade on Thursday, extending gains from the previous sessions amid rising oil prices as a ceasefire between Israel and Iran appeared to be holding. U.S. President Donald Trump hailed the swift end to the air war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week. Saudi Arabia's benchmark stock index extended its gains to a fourth straight session, rising 0.2%, with most sectors in the green. Oil major Saudi Aramco added 0.3% and Red Sea International climbed 3%. Modular house manufacturer Red Sea said on Wednesday it planned to float its mechanical, electrical and plumbing subsidiary on the Saudi market. Oil prices, a catalyst for the Gulf's financial markets, were up 0.2% as a larger-than-expected draw in U.S. crude stocks signalled firm demand. Brent crude was trading at $67.83 a barrel by 0805 GMT. The Abu Dhabi benchmark index rose 0.4%, aided by a 5.3% advance in RAK Properties and a 0.6% gain in Borouge. Petrochemical company Borouge said on Wednesday it would collaborate with Honeywell on a project to deliver the petrochemical industry's first AI-driven control room. Dubai's benchmark stock index was up for a fifth straight session, advancing 0.6%, pushed up by the materials, industry and finance sectors. Tolls operator Salik gained 1.8% and Emirates NBD , the emirate's largest lender, added 0.6%. The Qatari benchmark index was marginally up, propped up by gains in the materials, utilities and communications sectors. Vodafone Qatar advanced 1.2% while Qatar National Bank, the region's largest lender, shed 0.3%. 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.
Zawya
3 days ago
- Business
- Zawya
Mideast Stocks: Major Gulf markets gain on easing regional conflict
Major stock markets in the Gulf rose in early trade on Wednesday on course to extend gains from the previous session when they registered sharp gains following a ceasefire between Israel and Iran. The ceasefire brokered by U.S. President Donald Trump appeared to be holding on Wednesday, a day after both countries signalled that their air conflict had ended, at least for now. Saudi Arabia's benchmark index added 0.2%, helped by a 1% rise for Saudi National Bank, the country's biggest lender by assets. Elsewhere, Specialized Medical Company opened 0.2% lower in debut trade. Oil prices climbed as investors assessed the stability of a ceasefire, while support also came from market expectations that U.S. interest rate cuts could happen soon. The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar. Dubai's main share index gained 0.4%, with top lender Emirates NBD rising 2%. In Abu Dhabi, the index was up 0.1%. The Qatari index increased 0.3%, with the Gulf's biggest lender Qatar National Bank gaining 0.9%. Qatar reopened its airspace after a brief suspension, its civil aviation authority said early on Tuesday, following a missile attack by Iran on an American air base in Qatar on Monday that caused no injuries.
Reuters
3 days ago
- Business
- Reuters
Major Gulf markets gain on easing regional conflict
June 25 (Reuters) - Major stock markets in the Gulf rose in early trade on Wednesday on course to extend gains from the previous session when they registered sharp gains following a ceasefire between Israel and Iran. The ceasefire brokered by U.S. President Donald Trump appeared to be holding on Wednesday, a day after both countries signalled that their air conflict had ended, at least for now. Saudi Arabia's benchmark index (.TASI), opens new tab added 0.2%, helped by a 1% rise for Saudi National Bank ( opens new tab, the country's biggest lender by assets. Elsewhere, Specialized Medical Company ( opens new tab opened 0.2% lower in debut trade. Oil prices climbed as investors assessed the stability of a ceasefire, while support also came from market expectations that U.S. interest rate cuts could happen soon. The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar. Dubai's main share index (.DFMGI), opens new tab gained 0.4%, with top lender Emirates NBD ( opens new tab rising 2%. In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.1%. The Qatari index (.QSI), opens new tab increased 0.3%, with the Gulf's biggest lender Qatar National Bank ( opens new tab gaining 0.9%. Qatar reopened its airspace after a brief suspension, its civil aviation authority said early on Tuesday, following a missile attack by Iran on an American air base in Qatar on Monday that caused no injuries.
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Strong Rebound in Gulf Financial Markets Following Ceasefire Announcement
Gulf financial markets recorded significant gains on Tuesday, driven by improved investor sentiment following the announcement of a ceasefire agreement between Iran and Israel. The development eased geopolitical concerns that had weighed heavily on the region's markets over the past two weeks. US President Donald Trump announced a full ceasefire late Monday, potentially bringing an end to a 12-day war that had led to mass evacuations from Tehran and raised fears of further regional escalation. Over the past two days, Gulf markets had already begun to show mixed but generally positive performance, recovering from consecutive losses since the conflict began. Saudi Arabia's main index, the Tadawul All Share Index (TASI), closed up 2.4%, reaching 10,964 points, marking its second consecutive day of gains. Trading volumes hit their highest levels of the year. Al Rajhi Bank led the rally with a 2.8% gain, while Aramco shares continued to decline by 2%, closing at SAR24.34, their lowest level in four years. In the UAE, the Abu Dhabi Securities Exchange saw its largest daily gain since October 18, 2022, rising by 2.5%. Meanwhile, the Dubai Financial Market index jumped 3.4%, achieving its strongest daily performance since December 16. Kuwait's Premier Market Index also rose by 2.4%, its best showing since April 8, and Qatar's main index climbed 1.9%, its strongest daily performance since April 10. Commenting on the rally, Mohammed Al-Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the Gulf markets' positive reaction was a natural response to the easing of geopolitical tensions after the Iran-Israel ceasefire. He noted that much of the rebound was driven by short-term investors and speculators seeking to benefit from the upward correction sparked by political relief. Al-Farraj stressed that Saudi Arabia's market has become more resilient and mature in the face of oil price volatility, thanks to its ongoing economic diversification under Vision 2030. He highlighted that non-oil revenues accounted for approximately 40% of total government income in 2024, an indicator of a positive structural shift in the Saudi economy. Sectors like tourism, logistics, and mining are increasingly contributing to the country's GDP, enhancing the Saudi market's long-term appeal for both domestic and international investors. Regarding the broader region, Al-Farraj said that while Gulf markets remain closely tied to oil price movements - which affect government revenues and corporate profits - the Saudi market is advancing steadily toward reducing its oil dependency, boosting its ability to weather market fluctuations and enhancing its investment resilience.
