Most stock markets in the Gulf ended higher on Wednesday as investors prepare for the third-quarter earnings season to accelerate, although regional conflict and softening oil prices limited gains.
Saudi Arabia’s benchmark index gained 0.3%, with aluminium products manufacturer Al Taiseer Group rising 0.4% and ACWA Power Company closing 1.6% higher.
Among other gainers, Arabian Internet and Communications Services advanced 1.2% after the firm signed a 309.7 million riyals ($82.50 million) contract with Saudi Telecom Company (STC). STC shares finished flat.
On the other hand, oil behemoth Saudi Aramco eased 0.2%.
Oil – a catalyst for the Gulf’s financial markets – steadied supported by OPEC+ cuts and uncertainty over what may happen next in the Middle East conflict, although an outlook for ample supply next year added downward pressure.
Dubai’s main share index gained 0.4%, with blue-chip developer Emaar Properties climbing 1.5%.
The United States has told Israel it must take steps in the next month to improve the humanitarian situation in Gaza or face potential restrictions on U.S. military aid, U.S. officials said, in the strongest such warning since Israel’s war with Hamas began a year ago.
In Abu Dhabi, the index inched 0.2% higher, supported by a 3.7% rise in Fertiglobe.
Major Gulf markets mixed on weak oil, ahead of earnings
Fertiglobe – the largest producer of nitrogen fertilisers in the Middle East and North Africa – expects to more than double its net ammonia production capacity as it integrates ADNOC’s portfolio of low carbon ammonia projects following the energy giant’s purchase of a majority stake in the fertiliser maker on Tuesday.
The Qatari index advanced 0.9%, with Qatar Islamic Bank rising 2.1%.
Post trading hours, the sharia-compliant lender reported a nine-month net profit of 3.27 billion riyals ($897.12 million), up from 3.06 billion riyals a year earlier.
Outside the Gulf, Egypt’s blue-chip index eased 0.1%, hit by a 2.4% fall in Talaat Mostafa Holding.
----------------------------------------- SAUDI ARABIA added 0.3% to 12,039 ABU DHABI rose 0.2% to 9,306 DUBAI gained 0.4% to 4,485 QATAR advanced 0.9% to 10,735 EGYPT lost 0.1% to 30,545 BAHRAIN was flat at 2,001 OMAN rose 0.2% to 4,813 KUWAIT finished flat at 7,621 -----------------------------------------
Most stock markets in the Gulf ended higher on Wednesday as investors prepare for the third-quarter earnings season to accelerate, although regional conflict and softening oil prices limited gains.
Saudi Arabia’s benchmark index gained 0.3%, with aluminium products manufacturer Al Taiseer Group rising 0.4% and ACWA Power Company closing 1.6% higher.
Among other gainers, Arabian Internet and Communications Services advanced 1.2% after the firm signed a 309.7 million riyals ($82.50 million) contract with Saudi Telecom Company (STC). STC shares finished flat.
On the other hand, oil behemoth Saudi Aramco eased 0.2%.
Oil – a catalyst for the Gulf’s financial markets – steadied supported by OPEC+ cuts and uncertainty over what may happen next in the Middle East conflict, although an outlook for ample supply next year added downward pressure.
Dubai’s main share index gained 0.4%, with blue-chip developer Emaar Properties climbing 1.5%.
The United States has told Israel it must take steps in the next month to improve the humanitarian situation in Gaza or face potential restrictions on U.S. military aid, U.S. officials said, in the strongest such warning since Israel’s war with Hamas began a year ago.
In Abu Dhabi, the index inched 0.2% higher, supported by a 3.7% rise in Fertiglobe.
Major Gulf markets mixed on weak oil, ahead of earnings
Fertiglobe – the largest producer of nitrogen fertilisers in the Middle East and North Africa – expects to more than double its net ammonia production capacity as it integrates ADNOC’s portfolio of low carbon ammonia projects following the energy giant’s purchase of a majority stake in the fertiliser maker on Tuesday.
The Qatari index advanced 0.9%, with Qatar Islamic Bank rising 2.1%.
Post trading hours, the sharia-compliant lender reported a nine-month net profit of 3.27 billion riyals ($897.12 million), up from 3.06 billion riyals a year earlier.
Outside the Gulf, Egypt’s blue-chip index eased 0.1%, hit by a 2.4% fall in Talaat Mostafa Holding.
----------------------------------------- SAUDI ARABIA added 0.3% to 12,039 ABU DHABI rose 0.2% to 9,306 DUBAI gained 0.4% to 4,485 QATAR advanced 0.9% to 10,735 EGYPT lost 0.1% to 30,545 BAHRAIN was flat at 2,001 OMAN rose 0.2% to 4,813 KUWAIT finished flat at 7,621 -----------------------------------------
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