Major stock markets in the Gulf ended higher on Monday as oil prices held steady and companies in the region started to report quarterly earnings, while investors assessed the fallout of an assassination attempt on U.S. presidential candidate Donald Trump.
He was shot in the ear during a campaign rally on Saturday after a major security lapse, an attack that will likely reshape this year’s presidential race and fuel fears that the campaign could descend into political violence.
Saudi Arabia’s benchmark index gained 0.6%, rising for an eighth consecutive session, led by a 1.7% rise in Al Rajhi Bank and a 0.7% gain in top lender Saudi National Bank.
The Saudi stock market continued its positive momentum on hopes of better-than-expected second-quarter results, said Mazen Salhab Chief Market Strategist MENA in BDSwiss.
Dubai’s main share index added 0.3%, with sharia-compliant lender Dubai Islamic Bank rising 1.6%.
In Abu Dhabi, the index finished flat.
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According to Salhab, oil prices could continue to support the markets in the region, especially in Saudi Arabia and Abu Dhabi, as long as prices remain on an uptrend.
Oil – a catalyst for the Gulf’s financial markets – held its ground as downward pressure from a stronger U.S. dollar and concern about demand in top importer China offset support from strong demand elsewhere and OPEC+ supply restraint.
The Qatari benchmark was up 0.2%, helped by a 0.5% rise in the Gulf’s biggest lender Qatar National Bank.
Bahrain bourse – which closed 0.2% higher – said due to technical issue today’s session ended earlier.
Outside the Gulf, Egypt’s blue-chip index fell 0.3%, hit by a 2.6% fall in EFG Holding.
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