Gulf Markets Rise With Increasing Oil Prices, Egypt Market Drops

Gulf Stock Market Up

Sunday saw most stock markets in the Gulf closing higher, buoyed by increasing oil prices, though the Saudi index took a hit due to weak corporate earnings.

Oil prices, a pivotal factor for Gulf financial markets, experienced an uptick on Friday, fueled by robust Chinese economic indicators and the persistent tensions in the Middle East. Brent settled at $84.24 a barrel.

The Qatari benchmark index (.QSI) edged up by 0.1%, with Industries Qatar (IQCD.QA) contributing to a 0.7% gain and Qatar Islamic Bank (QISB.QA) adding 0.8%.

Gulf Stock Market Up

Conversely, Saudi Arabia’s benchmark index (.TASI) slipped for the second consecutive session, closing 0.6% lower, as losses pervaded almost all sectors.

ACWA (2082.SE) witnessed a significant decline of 4.7% following a 54% drop in its first-quarter net profit, albeit showing a 9.8% year-on-year increase.

Other notable decliners included Mobile Telecommunication Company Saudi Arabia (7030.SE), known as Zain KSA, which saw a 1.5% decrease after reporting a staggering 94.1% decline in quarterly net profit.

Gulf Stock Market Up

Beyond the Gulf, Egypt’s blue-chip index (.EGX30) experienced a notable 3.3% drop, with major constituents in real estate, materials, and healthcare sectors registering losses.

Talaat Mostafa Group (TMGH.CA) slipped by 6.3%, while Abu Qir Fertilizers (ABUK.CA) lost 5.2%. However, Abu Dhabi Islamic Bank Egypt (ADIB.CA) saw a 2.4% gain following a remarkable 110% surge in quarterly net profit.

Olivia Murphy
Driven by a commitment to excellence and integrity, Olivia strives to empower her audience with knowledge that enables informed decision-making and fosters a deeper understanding of the business world. She believes in the power of storytelling to bridge gaps, spark dialogue, and drive meaningful progress within the global business community.