Most stock markets in the Gulf ended higher on Thursday, mirroring gains in Asian shares, as stronger-than-anticipated U.S. economic data lured investors back into the markets.
Data on Wednesday showed that the U.S. services sector activity increased to an eight-month high in October as new orders grew, while private payrolls rose 42,000 last month, exceeding expectations.
Saudi Arabia’s benchmark index gained 0.4%, snapping a five-day losing streak, with Al Rajhi Bank rising 0.7% and oil behemoth Saudi Aramco advancing 0.9%.
Elsewhere, Al-Babtain Power and Telecommunication advanced 4.6%, after reporting a 190% rise in third-quarter profit.
However, Riyadh Cement plunged 6.8%, its biggest intraday fall since April, following a steep drop in quarterly net profit.
Dubai’s main share index rose 0.5%, led by a 2.6% gain in blue-chip developer Emaar and a 2.9% leap in toll operator Salik .
Most Gulf markets in red on weak oil, Fed rate outlook
In the previous session, most Gulf markets declined, following global shares downward, as an overnight tech-driven sell-off on Wall Street highlighted concerns over elevated valuations.
In Abu Dhabi, the index edged 0.1% higher.
On the other hand, conglomerate International Holding slipped 0.4%, despite reporting a higher quarterly profit.
Oil prices, a catalyst for the Gulf’s financial markets, regained a little ground buoyed by easing concerns over a potential supply glut as sanctions on Russian companies begin to bite.
The Qatari index climbed 0.5%, buoyed by a 2.4% jump in telecoms firm Ooredoo .
Outside the Gulf, Egypt’s blue-chip index jumped 2.1%, hitting a new record high, as most of its constituents were in negative territory including Commercial International Bank , which was up 2%.
Egypt and Qatar signed a partnership deal on Thursday to develop a luxury real estate and tourism project on Egypt’s Mediterranean coast, part of Doha’s $7.5 billion investment pledge to Cairo, Egyptian state TV reported.
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Saudi Arabia rose 0.4% to 11,302
Abu Dhabi added 0.1% to 10,024
Dubai gained 0.5% to 6,022
Qatar climbed 0.6% to 11,059
Egypt advanced 2.2% to 39,978
Bahrain eased 0.4% to 2,072
Oman dropped 0.4% to 5,544
Kuwait finished flat at 9,462
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