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Reuters
a day ago
- Business
- Reuters
Most Gulf markets rise, Dubai's main index hits over 17-year high
June 4 (Reuters) - 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 ( opens new tab 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 (.FTFADGI), opens new tab 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 (.TASI), opens new tab settled 1.59% higher, with Arabian Pipes Company ( opens new tab 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 ( opens new tab raising $5 billion in bonds last week. Aramco settled flat on Wednesday. Qatar's benchmark stock index (.QSI), opens new tab finished 0.56% lower, with Commercial Bank ( opens new tab 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 (.EGX30), opens new tab was up 1%, with automotive company GB Corp ( opens new tab 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. ($1 = 3.7506 Saudi Riyals) ($1 = 3.6412 Qatar riyals)
Reuters
2 days 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
01-05-2025
- Business
- Reuters
Gulf bourses end mixed on oil price fall, weak US economic data
May 1 (Reuters) - Stock markets in the Gulf ended mixed on Thursday amid falling oil prices and weaker-than-expected U.S. GDP data. The U.S. economy contracted in the first quarter, largely because of a surge in imports as businesses sought to avoid expected tariffs. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Risks are high that U.S. President Donald Trump's tariff policies could push the global economy into a recession this year, a Reuters poll found on Monday. Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.1%, weighed down by a 0.9% fall in Al Rajhi Bank ( opens new tab and a 2.2% slide in the country's biggest lender Saudi National Bank ( opens new tab. Oil giant Saudi Aramco ( opens new tab also fell 0.6%. Oil prices — a catalyst for the Gulf's financial markets — fell, extending a steep decline the previous session due to signs that Saudi Arabia, the world's largest crude exporter, could raise production and data showing a contraction in the U.S. economy, the world's top oil consumer. Meanwhile, Saudi Arabia's economy grew in the first quarter, supported by activity in the non-oil sector as the kingdom pushes on with diversifying away from hydrocarbons. Dubai's main share index (.DFMGI), opens new tab declined 0.7%; Commercial Bank of Dubai ( opens new tab fell 8.9%, snapping a four-day winning streak. In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.2% higher, helped by a 0.4% rise in conglomerate International Holding ( opens new tab. The Qatari benchmark (.QSI), opens new tab eased 0.1%, with petrochemical maker Industries Qatar ( opens new tab retreating 2.9%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.3%, with Commercial International Bank ( opens new tab gaining 1.3%.
Reuters
23-04-2025
- Business
- Reuters
Gulf markets track Asian peers higher as Trump backs down from Fed threat
April 23 (Reuters) - Major stock markets in the Gulf rose on Wednesday, tracking Asian shares higher, after U.S. President Donald Trump said he had no plans to fire Federal Reserve Chair Jerome Powell and hinted at lower tariffs for China. On Tuesday, Trump backed off from threats to fire Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates. here. The president also reiterated that he wanted a deal with China, following which tariffs would not be anywhere near 145%, and said he would set the terms of the deal if Beijing did not enter talks. Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.8%, led by a 0.7% rise in Al Rajhi Bank ( opens new tab and a 2.8% increase in ACWA Power Company ( opens new tab. Meanwhile, the International Monetary Fund on Tuesday lowered its 2025 GDP growth forecast for Saudi Arabia, while flagging headwinds for the broader region, including a more gradual resumption of oil production. Dubai's main share index (.DFMGI), opens new tab added 0.3%, with blue-chip developer Emaar Properties ( opens new tab rising 0.8%. Elsewhere, Emirates Integrated Telecommunications Company (du) ( opens new tab edged 0.1% higher. The company on Tuesday announced a 2 billion-dirham ($544.5 million) hyper-scale data centre deal with Microsoft (MSFT.O), opens new tab. The Abu Dhabi index (.FTFADGI), opens new tab was up 0.4%. Oil prices, a catalyst for the Gulf's financial markets, climbed more than 1%, extending Tuesday's gains, as investors weighed a fresh round of U.S. sanctions on Iran, a drop in U.S. crude stocks and a softer tone from Trump towards the Fed. The Qatari index (.QSI), opens new tab rose 0.5%, helped by a 0.6% rise in Qatar Islamic Bank ( opens new tab. ($1 = 3.6729 UAE dirham)
