The Qatar stock index led most Gulf equities higher on Tuesday as hopes for a Gaza ceasefire rose after mediators reported a “breakthrough” in Doha talks.
Negotiators were hoping to finalise details of a plan to end the war in Gaza, after U.S. President Joe Biden indicated a ceasefire and hostage release deal was imminent.
The Qatari benchmark index snapped a three-session losing streak with a rise of 1.6%, its biggest daily gain in over two months with almost all its shares higher. Qatar Gas Transport climbed 6.2% and Qatar National Bank gained 2.1%, its biggest advance in four months.
QNB, the region’s largest lender, on Monday posted a 10% rise in fourth-quarter net profit, beating analysts’ estimates, according to data compiled by LSEG.
Qatar Islamic Bank rose 2.5% a day ahead of the country’s largest Islamic lender’s earnings report.
Saudi Arabia’s benchmark index rose 0.5%, lifted by broad gains across almost all its sectors. ACWA Power added 1.2% and Riyad Bank advanced 1.8%.
Most Gulf markets in red on US rate cut uncertainty
The kingdom’s third biggest lender, Riyad Bank, is exploring an initial public offering of its investment banking arm Riyad Capital at a $2.5 billion valuation, Bloomberg has reported.
Nice One Beauty Digital Marketing rose 9.8% to 54.30 riyals per share, its highest since listing last Wednesday.
The online cosmetics retailer raised $320 million in its IPO by offering 34.7 million shares.
The Abu Dhabi benchmark index was up 0.4%, with almost all its sectors in positive territory. Conglomerate Alpha Dhabi Holding gained 4.9% and ADNOC Drilling added 2.9% while Aldar Properties fell 0.5%.
Blue-chip developer Aldar said on Monday it had raised 9 billion dirhams ($2.45 billion) via a sustainability-linked syndicated revolving credit facility.
Dubai’s benchmark index edged up 0.3%, pushed higher by the communications, industry and finance sectors.
Aramex rallied for a second day, adding 7.6% to 2.85 dirhams per share, its highest level in more than a year. Abu Dhabi sovereign wealth fund ADQ said on Monday it planned to launch a cash takeover offer for the courier firm, bidding for the shares it does not already own.
Outside the Gulf, Egypt’s blue-chip index rose 1.4% after five consecutive sessions of losses. Commercial International Bank rose 1.8% and Talaat Moustafa Group was 8.3% higher.
————————————–
SAUDI ARABIA up 0.5% to 12,173
KUWAIT gained 0.6% to 8,004
QATAR rose 1.6% to 10,385
EGYPT up 1.4% to 28,967
BAHRAIN fell 1.3% to 1,894
OMAN up 0.3% to 4,611
ABU DHABI rose 0.4% to 9,498
DUBAI gained 0.3% to 5,246
————————————–
American Dollar Exchange Rate