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Business Recorder
30-06-2025
- Business
- Business Recorder
Gulf bourses end mixed; Dubai at 17-year high
Stock markets in the Gulf ended mixed on Monday with some including the Saudi index hit by profit-taking, while those in the United Arab Emirates continued their rebound following Iran-Israel ceasefire and Dubai reached a 17-year high. Dubai's main share index rose for sixth consecutive session to close 0.4% higher, at its highest since June 2008, with blue-chip developer Emaar Properties rising 1.1%. In other sectors, National Central Cooling Co (Tabreed) advanced 1.8%. Tabreed and private equity firm CVC's infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's district cooling business. CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion). Multiply Group shares were up 2.6%. The market appears well-supported by strong fundamentals for a continued upward trend, said Osama Al Saifi, Managing Director for MENA at Traze. In Abu Dhabi, the index gained 0.7%. Most Gulf markets end higher on Iran ceasefire, US rate cut expectations Saudi Arabia's benchmark index dropped 0.4%, snapping a five-session winning streak, weighed down by a 2.5% fall in Al Rajhi Bank. The Saudi market concluded its second quarter with losses. The next significant event could be upcoming second-quarter earnings results, which could help spur a recovery in the second half of the year, said Al Saifi. 'However, the potential for lower oil prices remains a headwind,' he said. On the other hand, oil giant Saudi Aramco added 0.1%. Oil prices - a catalyst for the Gulf's financial markets - held steady as Middle East risks eased, while a possible OPEC+ output increase in August and uncertainty over the global demand outlook weighed on the market. The Qatari benchmark lost 0.2%, ending six consecutive sessions of gains, with petrochemical maker Industries Qatar declining 1%. Outside the Gulf, Egypt's blue-chip index retreated 1.1%, with Talaat Moustafa Group Holding dropping 2.3%. Meanwhile, Egypt's economy grew by 4.77% in the third quarter of its 2024/25 fiscal year, up from 2.2% in the same quarter a year earlier, as manufacturing activity recovered, the planning ministry said on Monday. --------------------------------------- SAUDI ARABIA fell 0.4% to 11,204 Abu Dhabi rose 0.7% to 9,958 Dubai gained 0.4% to 5,706 QATAR eased 0.2% to 10,750 EGYPT lost 1.1% to 32,858 BAHRAIN was up 0.3% to 1,944 OMAN eased 0.1% to 4,501 KUWAIT added 0.4% to 9,188 ---------------------------------------
Khaleej Times
24-06-2025
- Business
- Khaleej Times
Dubai: Gold prices drop further as Iran-Israel ceasefire takes effect
[Editor's Note: Follow the KT live blog for live updates on the Israel-Iran conflict.] Gold prices dropped further at the opening of the markets in Dubai as the Iran-Israel ceasefire took effect on Tuesday morning. The 24K variant of the precious metal dropped to Dh403.5 per gram down from around Dh404 per gram last night. Similarly, 22K, 21K and 18K slipped to Dh373.75, Dh358.0 and Dh307.25 per gram, respectively. Spot gold was trading at $3,340.49 per ounce, down 1.19 per cent. Osama Al Saifi, managing director for Mena at Traze, said gold prices extended the losses, as renewed strength in the US dollar and lingering Fed hawkish stance outweighed safe-haven flows. 'The yellow metal could remain under pressure from a resilient dollar. Last week's Federal Reserve projections flagged persistent inflationary risks. With several Fed officials set to speak this week and Chair Jerome Powell's congressional testimony on the agenda, markets are bracing for further policy clarity.' In addition, he added that gold could also remain exposed to geopolitical developments. 'While geopolitical tensions remain acute in the Middle East and Eastern Europe, investor focus could remain on macro data. PMI releases and weekly jobless claims could influence expectations on the pace of policy easing. In the meantime, elevated geopolitical risk may limit the downside,' he added.
Qatar Tribune
17-06-2025
- Business
- Qatar Tribune
Gulf markets rebound amid Israel-Iran conflict
TNN & Agencies Doha Stock markets in the Gulf ended higher on Monday, recovering some of their losses from previous sessions when they were jolted by the escalating conflict between Israel and Iran. The Qatar Stock Exchange (QSE) general index closed Monday's trading higher by 177.880 points, or 1.73 percent, a day after falling more than 3 percent to close at 10,464.800 points. During the session, 239,968,300 shares, valued at QR566,446 million were traded in 32,908 transactions across all sectors. Shares of 46 companies rose and four companies saw a decline in their share price, while three others maintained their previous closing price. Market capitalisation at the end of the trading session amounted to QR616.497 billion compared to QR604.495 billion in the previous session. Saudi Arabia's benchmark index advanced 1.3 percent, led by a 1.5 percent rise in Al Rajhi Bank and a 6.9 percent jump in ACWA Power Company. The upward trend mirrored similar movements in both Asian and European markets, where a temporary improvement in sentiment was bolstering investor appetite, said Osama Al Saifi, Managing Director for MENA at Traze. 'This optimism was partly fuelled by positive economic data from China, which showed an acceleration in retail sales despite US tariffs,'he said. Dubai's main share index added 0.8 percent, with utility firm Dubai Electricity and Water Authority rising 2.2 percent. In Abu Dhabi, the index closed 0.2 percent higher. Outside the Gulf, Egypt's blue-chip index inched 0.1 percent higher, helped by a 1.4 percent rise in Commercial International Bank. On Sunday, the index fell 4.6 percent marking its biggest intraday fall in about 14 months.
Business Recorder
16-06-2025
- Business
- Business Recorder
Gulf markets rebound amid Israel-Iran conflict
Stock markets in the Gulf ended higher on Monday, recovering some of their losses from previous sessions when they were jolted by the escalating conflict between Israel and Iran. Saudi Arabia's benchmark index advanced 1.3%, led by a 1.5% rise in Al Rajhi Bank and a 6.9% jump in ACWA Power Company. The upward trend mirrored similar movements in both Asian and European markets, where a temporary improvement in sentiment was bolstering investor appetite, said Osama Al Saifi, Managing Director for MENA at Traze. 'This optimism was partly fuelled by positive economic data from China, which showed an acceleration in retail sales despite U.S. tariffs,' he said. Dubai's main share index added 0.8%, with utility firm Dubai Electricity and Water Authority rising 2.2%. Iranian missiles struck Israel's Tel Aviv and the port city of Haifa before dawn on Monday, destroying homes and fuelling concerns among world leaders at this week's G7 meeting that the confrontation could lead to a broader regional conflict. Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building a nuclear weapon. Iran, which says its nuclear programme is for civilian use, has promised a harsh response. Gulf markets fall as Israel-Iran conflict escalates Iran said its parliament was preparing a bill to leave the Nuclear Non-Proliferation Treaty (NPT), adding that Tehran remains opposed to developing weapons of mass destruction. Passing the bill could take several weeks. In Abu Dhabi, the index finished 0.2% higher. Oil prices - a catalyst for the Gulf's financial markets - edged down, paring back Friday's 7% surge, as renewed military strikes by Israel and Iran over the weekend left oil production and export facilities unaffected. The Qatari benchmark climbed 1.7%, a day after falling more than 3%, buoyed by a 2.5% leap in the Gulf's biggest lender Qatar National Bank. Outside the Gulf, Egypt's blue-chip index inched0.1% higher, helped by a 1.4% rise in Commercial International Bank. On Sunday, the index fell 4.6% marking its biggest intraday fall in about 14 months. ---------------------------------------- SAUDI ARABIA rose 1.3% to 10,867 Abu Dhabi gained 0.8% to 5,407 Dubai up 0.2% to 9,585 QATAR leapt 1.7% to 10,465 EGYPT up 0.1% to 31,042 BAHRAIN added 0.1% to 1,902 OMAN was up 0.7% to 4,143 KUWAIT advanced 1.4% to 8,626 ----------------------------------------
Business Recorder
10-06-2025
- Business
- Business Recorder
Most Gulf markets gain as investors eye US-China talks
Most stock markets in the Gulf ended higher on Tuesday, tracking gains in global equities as investors looked for progress in U.S.-China trade talks that could ease tensions between the world's two largest economies. U.S. Commerce Secretary Howard Lutnick said on Tuesday trade talks with China were going well as the two sides met for a second day in London, seeking a breakthrough on export controls that have threatened a fresh rupture between the superpowers. World stocks, as reflected by the MSCI All-Country World index, traded near record highs, while the dollar steadied against a range of currencies. Dubai's main share index rose 0.1%, helped by a 1.8% rise in top lender Emirates NBD. The bourse's gains were limited after the benchmark index hit its highest since 2008 on Monday. However, underlying momentum remains intact, suggesting the potential for further advances in the coming sessions, said Osama Al Saifi, Managing Director for MENA at Traze. 'Although many sectors were in negative territory today, solid market fundamentals point towards continuous gains.' Most Gulf markets rise, Dubai's main index hits over 17-year high Abu Dhabi, the main index finished 0.5% higher. Oil prices - a catalyst for the Gulf's financial markets - climbed as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supply to China is set to dip slightly. The Qatari index advanced 1.3%, led by a 1.4% gain in the Gulf's biggest lender Qatar National Bank. Outside the Gulf, Egypt's blue-chip index closed 0.7% higher, with Talaat Moustafa Group Holding rising 2.5%. The Saudi and Bahrain bourses remained closed due to a public holiday. ------------------------------------- Abu Dhabi up 0.5% to 9,796 Dubai added 0.1% to 5,599 QATAR rose 1.3% to 10,697 EGYPT gained 0.7% to 32,904 OMAN was up 0.1% to 4,582 KUWAIT added 0.8% to 8,925 -------------------------------------
