Mideast Stocks: Dubai's stock index rises, logs second straight session of gains
Most Gulf stock markets settled higher on Tuesday, with Dubai's main share index marking a second consecutive session of gains and settling up 0.68%. "
In Dubai, the market continued its upward trajectory, demonstrating healthy momentum and potential for further gains, with the financial sector significantly influencing performance, led by stocks such as Dubai Islamic Bank and Emirates NBD," said Milad Azar, market analyst at XTB MENA.
"This performance is underpinned by strong fundamentals and a solid economic outlook for the year."
In Abu Dhabi, the benchmark index finished up 0.46%, snapping two consecutive session of losses. The financial sector led gains on the Abu Dhabi stock market with Abu Dhabi Islamic Bank up 2.6% and First Abu Dhabi bank up 1.53%.
Oil prices - a catalyst for markets in the Gulf - edged up on Tuesday, supported by a rise in geopolitical tensions and supply concerns.
Brent crude futures was up 0.7%, at $65.08 a barrel by 1154 GMT. Ukraine and Russia ramped up the ongoing war this weekend with one of the biggest drone battles of their conflict, despite peace talks in Turkey. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute. If talks fail, Iran could face continued sanctions, limiting oil supply to the country.
Saudi Arabia's benchmark stock index settled 0.16% lower. United Carton Industries was the top loser on the index, losing 3.98%.
"Sector performance was mixed. These movements suggest uncertainty at current levels, as investors await further developments, particularly upcoming US economic data releases that could influence the Saudi market. Ongoing trade tensions also continue to impact investor sentiment," said Azar. Qatar's benchmark stock index settled up 1.28%, helped by a 3.44% rise in Qatar Gas Transport.
The index logged its highest intraday gain since April 30. Outside the Gulf, Egypt's blue-chip index settled flat on Tuesday. U.S. President Donald Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday.
This comes just days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions.
The newly announced 50% tariffs on worldwide steel and aluminium are set to go into effect on Wednesday, June 4.
SAUDI ARABIA down 0.16% to 10,832.4
ABU DHABI up 0.46% to 9,691.49
DUBAI up 0.68% to 5,521.85
QATAR up 1.28% to 10,618
EGYPT inched up 0.09% to 32,355.4
BAHRAIN inched up 0.03% to 1,921.11
OMAN down 0.39% to 4,553.15
KUWAIT down 0.34% to 8,817.3
(Reporting by Rishab Shaju in Bengaluru; Editing by Shailesh Kuber)
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