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Reuters
5 minutes ago
- Business
- Reuters
Dubai's stock index rises, logs second straight session of gains
June 3 (Reuters) - Most Gulf stock markets settled higher on Tuesday, with Dubai's main share index (.DFMGI), opens new tab 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 (.FTFADGI), opens new tab 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 ( opens new tab 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 (.TASI), opens new tab settled 0.16% lower. United Carton Industries ( opens new tab 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 (.QSI), opens new tab settled up 1.28%, helped by a 3.44% rise in Qatar Gas Transport ( opens new tab. The index logged its highest intraday gain since April 30. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab 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.
Reuters
22-05-2025
- Business
- Reuters
Saudi Arabia settles lower, worst weekly performance in over a month
May 22 (Reuters) - Saudi Arabia's main stock index closed lower on Thursday, clocking its worst weekly performance in over a month, after official reports showed that crude oil exports in March declined. The kingdom's stock index (.TASI), opens new tab shed 1.02% on Thursday, underperforming its peers in the Middle East. It was down 2.5% for the week. Official data on Wednesday showed the country's crude oil exports in March fell to 5.754 million barrels per day from 6.547 million bpd in February. Oil prices, a catalyst for stock markets in the Gulf, also dropped by more than a percent after Bloomberg reported OPEC+ was discussing a production increase for July, which raised worries that global supply could exceed demand growth. O/R Dubai's benchmark index (.DFMGI), opens new tab snapped two consecutive sessions of decline, ending 0.26% higher. UAE-based insurer Dubai Insurance ( opens new tab was the top gainer on the index, jumping 15% to a near 21-year high. The index has been bolstered by a slew of business agreements between the U.S. and UAE announced last week during President Donald Trump's Gulf Tour. Elsewhere, the main stock indices in Abu Dhabi (.FTFADGI), opens new tab and Qatar (.QSI), opens new tab ended the session flat on Thursday. Qatar's benchmark index saw its biggest weekly rise since October 2024. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab, closed up 0.44% ahead of an expected rate cut by the country's central bank later on Thursday.
Reuters
15-05-2025
- Business
- Reuters
Gulf markets lacklustre as global stocks rally loses steam
May 15 (Reuters) - Most Gulf stocks were unchanged early on Thursday, as oil prices slid and broader Asian stocks fell after enthusiasm from easing trade tensions began to fade and investors waited for further cues. Oil prices slid on expectations of a potential U.S.-Iran nuclear deal, with Brent crude futures and U.S. crude falling more than 2% each. Global stocks earlier in the week had rejoiced after U.S-China trade war truce but the rally lost steam as investors paused to take stock and weigh its implications on the economy. Dubai's main share index (.DFMGI), opens new tab was the only market in the region that chose a definite direction, rising up 0.3%. Saudi Arabia's benchmark stock index (.TASI), opens new tab was flat by 0706 GMT. Meanwhile, Saudi Aramco ( opens new tab said on Wednesday it had signed 34 preliminary deals with major U.S. companies, potentially worth up to $90 billion. Shares of Aramco were down 0.4% in early trade on Thursday. U.S. President Donald Trump signed a host of economic and bilateral cooperation agreements with Saudi Arabia earlier this week to kick off a four-day Middle East trip with a focus on dealmaking with a key Mideast ally. In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was down 0.02%, while Qatar's benchmark stock index (.QSI), opens new tab was down 0.06%.
Reuters
05-05-2025
- Business
- Reuters
Most Gulf markets fall on weak oil ahead
May 5 (Reuters) - Most major stock markets in the Gulf fell in early trade on Monday pressured by falling oil prices and investor caution ahead of developments in U.S.-China trade relations. Oil prices - a catalyst for the Gulf's financial markets - fell more than $1 a barrel as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.7%, hit by a 1.4% fall in Al Rajhi Bank ( opens new tab and a 2.7% decline in ACWA Power Company ( opens new tab. The kingdom's non-oil private sector activity expansion slowed in April as growth in new orders decelerated sharply, even as hiring rates reached their joint-fastest pace in more than a decade, a survey showed on Monday. Dubai's main share index (.DFMGI), opens new tab fell 0.3%, with blue-chip developer Emaar Properties ( opens new tab losing 0.4%. In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%. The Qatari index (.QSI), opens new tab, however, gained 0.2%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank ( opens new tab. U.S. President Donald Trump said on Sunday the U.S. was meeting with many countries including China on trade deals.
Reuters
02-05-2025
- Business
- Reuters
UAE index gain on possible trade talks between US and China
May 2 (Reuters) - Stock markets in the United Arab Emirates closed higher on Friday as signs of possible trade talks between the U.S. and China lifted market sentiment. China said on Friday the United States has repeatedly expressed its willingness to negotiate on tariffs and that Beijing's door is open for talks, in a move that could ease trade tensions that have roiled global markets. Dubai's main index (.DFMGI), opens new tab settled 0.4% higher, rebounding from the previous session's loss, helped by gains in heavyweight real estate and industrial sector stocks. Among the winners, blue-chip developer Emaar Properties ( opens new tab increased 1.5% and toll gate operator Salik Company ( opens new tab finished 1.4% up. Stock exchange operator Dubai Financial Market ( opens new tab climbed 4.4% after the firm reported a 42% surge in first-quarter net profit to 127 million dirhams ($34.58 million). Abu Dhabi's benchmark index (.FTFADGI), opens new tab extended gains to fifth session in a row with the index rising 0.2%, lifted by a 2.5% jump in each of IHC-owned conglomerate Alpha Dhabi Holding ( opens new tab and Adnoc Drilling ( opens new tab. Among the gainers, Adnoc Gas ( opens new tab rose 0.6% ahead of its Q1 earnings expected later in the day. Dubai index notched up 2.5% on a weekly basis, while Abu Dhabi gained 2%, its highest weekly gain since Nov. 3, 2023, according to LSEG data. Oil prices - a key catalyst for Gulf's financial markets - declined on Friday with Brent crude sliding 0.69% to $61.7 a barrel by 1136 GMT. ($1 = 3.6729 UAE dirham)
