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Reuters
25-05-2025
- Business
- Reuters
Saudi Arabia's stock index rises, snapping three-day losing streak
May 20 (Reuters) - Most stock markets in the Gulf settled higher on Tuesday, with Saudi Arabia's benchmark stock index (.TASI), opens new tab snapping three consecutive sessions of decline and the Dubai main share index hitting another record high. Saudi Arabia's stock index rose 0.29%. The country's economic minister Faisal Ali Ibrahim said Saudi Arabia was ready for "multiple oil price scenarios" at the Qatar Economic Forum in Doha. "Fundamentally, the Saudi stock market remains supported by a positive economic outlook, which could lead to potential advances in the medium term, provided oil prices and external factors are favourable," said Hani Abuagla, Senior Market Analyst at XTB MENA. Oil prices - a catalyst for Gulf stocks - steadied on Tuesday amidst uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks. Brent futures slipped around 0.4% by 1222 GMT O/R Meanwhile in UAE, Dubai's main share index (.DFMGI), opens new tab finished the day 0.44% lower after three straight sessions of gains. Abuagla attributed the move lower to profit-taking following the third-straight day of the index scaling record highs. Salik Company ( opens new tab, the UAE's toll operator, was the top loser on the index down 2.78%. Abu Dhabi's benchmark index (.FTFADGI), opens new tab closed 0.43% higher after touching its highest level since March last year, boosted by gains in the financial sector. First Abu Dhabi Bank ( opens new tab, the United Arab Emirates' biggest lender, climbed 3.25%. Qatar's benchmark stock index (.QSI), opens new tab rose 0.5% to its highest since December 31, 2023. Qatar's sovereign wealth fund (QIA) is planning to at least double its annual U.S. investments in the next decade, its CEO said on Tuesday. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab settled 0.87% higher, with investment banking firm Beltone Financial ( opens new tab leading gains at 8.05%.
Zawya
20-05-2025
- Business
- Zawya
Mideast Stocks: Most Gulf indexes rise, Dubai benchmark hits record high
Most Gulf bourses inched higher early on Tuesday, with Dubai's main share index hitting a record high on optimism over business agreements between the UAE and the United States. The agreements are expected to expand the footprint of American AI and cloud companies in the Middle East. OpenAI last week announced plans to develop a massive new data center in the UAE. Brent futures dipped on 0.41% Tuesday as investors weighed the impact on supply from Russia-Ukraine peace talks and U.S.-Iran negotiations. Dubai's main share index was up 0.07%, supported by a 3.25% rise in public shareholding company National General Insurance Co. The benchmark hit an all-time high for the third straight session. Meanwhile in Abu Dhabi, the benchmark index was up 0.33% and Qatar's benchmark stock index rose 0.41%, with the country's Islamic Bank Masraf Al Rayan up 1.99%. Bucking the trend, Saudi Arabia's benchmark stock index fell 0.04%, weighed down by a 4.17% drop in telecom company Etihad Atheeb Telecommunication Company. Water distributor Miahona jumped 4.52% and was among the top gainers on the benchmark. Among global markets, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.33% higher, while Wall Street futures traded lower on concerns after Moody's downgrade of the country's credit rating. (Reporting by Rishab Shaju in Bengaluru)
Reuters
20-05-2025
- Business
- Reuters
Most Gulf indexes rise, Dubai benchmark hits record high
May 20 (Reuters) - Most Gulf bourses inched higher early on Tuesday, with Dubai's main share index (.DFMGI), opens new tab hitting a record high on optimism over business agreements between the UAE and the United States. The agreements are expected to expand the footprint of American AI and cloud companies in the Middle East. OpenAI last week announced plans to develop a massive new data center in the UAE. Brent futures dipped on 0.41% Tuesday as investors weighed the impact on supply from Russia-Ukraine peace talks and U.S.-Iran negotiations. O/R Dubai's main share index (.DFMGI), opens new tab was up 0.07%, supported by a 3.25% rise in public shareholding company National General Insurance Co ( opens new tab. The benchmark hit an all-time high for the third straight session. Meanwhile in Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was up 0.33% and Qatar's benchmark stock index (.QSI), opens new tab rose 0.41%, with the country's Islamic Bank Masraf Al Rayan ( opens new tab up 1.99%. Bucking the trend, Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.04%, weighed down by a 4.17% drop in telecom company Etihad Atheeb Telecommunication Company ( opens new tab. Water distributor Miahona ( opens new tab jumped 4.52% and was among the top gainers on the benchmark. Among global markets, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was 0.33% higher, while Wall Street futures traded lower on concerns after Moody's downgrade of the country's credit rating. MKTS/GLOB
