Most Gulf markets gain as investors eye US-China talks
U.S. Commerce Secretary Howard Lutnick said on Tuesday trade talks with China were going well as the two sides met for a second day in London, seeking a breakthrough on export controls that have threatened a fresh rupture between the superpowers.
World stocks, as reflected by the MSCI All-Country World index (.MIWD00000PUS), opens new tab, traded near record highs, while the dollar steadied against a range of currencies.
Dubai's main share index (.DFMGI), opens new tab rose 0.1%, helped by a 1.8% rise in top lender Emirates NBD (ENBD.DU), opens new tab.
The bourse's gains were limited after the benchmark index hit its highest since 2008 on Monday. However, underlying momentum remains intact, suggesting the potential for further advances in the coming sessions, said Osama Al Saifi, Managing Director for MENA at Traze.
"Although many sectors were in negative territory today, solid market fundamentals point towards continuous gains."
In Abu Dhabi, the main index (.FTFADGI), opens new tab finished 0.5% higher.
Oil prices - a catalyst for the Gulf's financial markets - climbed as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supply to China is set to dip slightly.
The Qatari index (.QSI), opens new tab advanced 1.3%, led by a 1.4% gain in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.7% higher, with Talaat Moustafa Group Holding (TMGH.CA), opens new tab rising 2.5%.
** The Saudi and Bahrain bourses remained closed due to a public holiday.
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