Most stock markets in the Gulf ended higher on Tuesday, concluding the year with meagre gains amid weak oil prices, although the Dubai index outshone its peers.
Saudi Arabia’s benchmark index gained 0.3%, with Al Rajhi Bank rising 0.8%.
The Saudi index was up 0.6% for the year 2024.
Dubai’s main share index closed 0.1% higher, hitting its highest since May 2014, helped by a 1.2% rise in top lender Emirates NBD.
The Dubai index notched a yearly gain of over 27% – its biggest since 2021 – outperforming its Gulf peers on the back of real estate division.
Elsewhere, blue-chip developer Emaar Properties, which finished flat on the day, registered annual gains of over 60%.
In Abu Dhabi, the index was down 1.7% for 2024, posting a second consecutive yearly loss.
Most Gulf bourses gain, Dubai hits 10-year high
Oil prices – a catalyst for the Gulf’s financial markets – were on track for a second consecutive year of losses, although they rose on the day after data showed China’s manufacturing activity expanded in December.
The Qatari benchmark advanced 0.8%, led by a 1% rise in the Gulf’s biggest lender Qatar National Bank.
However, the Qatari index posted a yearly loss of 3.2%.
Elsewhere, the Kuwaiti index was up 4.8% for the year, while the Omani index increased 1.4% in 2024.
Investors will also be watching the U.S. Federal Reserve’s rate cut outlook for 2025 after central bank policymakers earlier this month projected a slower path due to stubbornly high inflation.
The Fed’s decisions impact monetary policy in the Gulf, where most currencies are pegged to the U.S. dollar.
Outside the Gulf, Egypt’s blue-chip index climbed 1.4%, as most of its constituents were in positive territory including Talaat Moustafa Holding, which was up 4.4%.
The Egyptian index ended about 20% higher for the year.
In the previous year, the index gained more than 70%, helped by investors hedging against high inflation and a weak domestic currency.
—————————————-
SAUDI ARABIA rose 0.3% to 12,036
Dubai added 0.1% to 5,159
Abu Dhabi was flat at 9,419
QATAR gained 0.8% to 10,571
EGYPT up 1.4% to 29,741
BAHRAIN was up 0.1% to 1,986
OMAN gained 0.7% at 4,577
KUWAIT lost 0.4% to 7,839
—————————————-
American Dollar Exchange Rate