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.
Most Gulf markets in black despite regional conflict
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.
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