5 days ago
Mideast Stocks: Most Gulf markets rise, Dubai's main index hits over 17-year high
Most Gulf share indexes ended higher on Wednesday, tracking steady oil prices as a hit to Canadian supply from wildfires offset a hit from ongoing OPEC+ output increases. Dubai's main share index hit its highest levels since 2008 and settled 0.25% higher, with real estate financier Amlak Finance the top gainer on the index with a 14.6% rise. The index has been recording gains each year since 2021.
It rose 27% last year and is up 7% so far this year. Abu Dhabi's benchmark index followed the trend, closing 0.45% higher. The index recorded a second consecutive session of gains.
Oil prices - a catalyst for stock markets in the Gulf - held steady, with Brent crude futures rising 0.1% to $65.59 a barrel by 1203 GMT. The OPEC+ group recently decided to increase output by 411,000 barrels per day, a similar increase from the prior two months.
Meanwhile, Canada's wildfires have reduced production by 344,000 bpd, according to Reuters calculations. A possible call between U.S. President Donald Trump and Chinese leader Xi Jinping also dominated market sentiment, with investors continuing to focus on the pace of trade negotiations. Saudi Arabia's benchmark stock index settled 1.59% higher, with Arabian Pipes Company jumping 35.15%.
The welded steel pipes manufacturer approved an increase of its share capital to 200 million SAR ($53.32 million) at an extraordinary meeting last day. JP Morgan also said on Tuesday that the kingdom is expected to issue $12.6 billion in bonds until year-end. Companies in Saudi Arabia have been tapping debt markets, with state oil giant Aramco raising $5 billion in bonds last week. Aramco settled flat on Wednesday.
Qatar's benchmark stock index finished 0.56% lower, with Commercial Bank falling 2.45%. Data from Qatar's finance ministry showed that the country recorded a budget deficit of 0.5 billion Qatari riyals ($137.32 million) in the first quarter of 2025 and total revenue of 49.9 billion Qatari riyals, down 7.5% from the same period last year.
Outside the Gulf, Egypt's blue-chip index was up 1%, with automotive company GB Corp rising 7.29%. The index recorded a second consecutive session of gains. Wednesday also marks the deadline for countries to submit their best proposals for trade deals with the United States to avoid Trump's hefty tariffs.
All Gulf stock markets will be closed on Thursday as the countries will be observing the Day of Arafat.
SAUDI ARABIA up 1.59% to 11,004.5
ABU DHABI up 0.45% to 9,735
DUBAI up 0.25% to 5,535.9
QATAR down 0.56% to 10,558.3
EGYPT up 1% to 32,677.9
BAHRAIN up 0.1% to 1,923.1
OMAN up 0.56% to 4,578.8
KUWAIT up 0.42% to 8,854.23
($1 = 3.7506 Saudi Riyals) ($1 = 3.6412 Qatar riyals)
(Reporting by Rishab Shaju in Bengaluru; Editing by Leroy Leo)
