Gulf Stock Markets Rise on Rising Oil Prices and Strong Earnings
Stock markets in the Gulf region experienced a positive start to the day, driven by increasing oil prices and strong corporate earnings. The Dubai index, in particular, outperformed its peers, soaring by 1.2% – the highest rise in nearly three months. All sectors in Dubai’s benchmark stock index reported positive gains.
Dubai Islamic Bank’s Record Surge Boosts Dubai Index
One of the key contributors to the surge in Dubai’s benchmark stock index was Dubai Islamic Bank, which witnessed a remarkable jump of 7.9% in early trade – the sharpest rise since June 2020. As the biggest Islamic lender in the United Arab Emirates, the bank reported a substantial 24% increase in full-year attributable net profit, further bolstering investor confidence.
Al Rajhi Bank and Elm Co. Support Saudi Arabia’s Stock Index
Saudi Arabia’s benchmark stock index posted a 0.6% increase, with Al Rajhi Bank and Elm Co. playing a significant role in driving the positive trend. Al Rajhi Bank recorded a gain of 1%, while Elm Co. witnessed a 1.4% rise. These advancements contributed to the market’s overall performance.
First Abu Dhabi Bank and Abu Dhabi Islamic Bank Drive Gains in Abu Dhabi Stock Index
The benchmark stock index in Abu Dhabi experienced a 0.3% uptick, propelled by the impressive gains of both First Abu Dhabi Bank and Abu Dhabi Islamic Bank. First Abu Dhabi Bank gained 1.8%, while Abu Dhabi Islamic Bank witnessed a substantial climb of 2.5%. These positive results signify the robust performance of UAE’s largest lender.
Qatar National Bank and Qatar International Islamic Bank Aid Qatari Benchmark Index
The Qatari benchmark index made a slight 0.1% increase, supported by the gains of Qatar National Bank and Qatar International Islamic Bank. Qatar National Bank reported a gain of 0.9%, while Qatar International Islamic Bank witnessed a rise of 1.2%. These positive developments indicate a favorable outlook for Qatar’s financial sector.
The stock markets in the Gulf region have started the day on a positive note, driven by both rising oil prices and strong corporate earnings. In Dubai, the benchmark stock index surged by 1.2%, recording its highest rise in nearly three months. This boost was primarily fueled by the record surge of Dubai Islamic Bank, which jumped by 7.9% in early trade. Similarly, the benchmark stock indexes in Saudi Arabia and Abu Dhabi experienced gains of 0.6% and 0.3%, respectively, with key banks such as Al Rajhi Bank and First Abu Dhabi Bank supporting the respective markets. In Qatar, the benchmark index made a slight 0.1% increase, aided by the positive performances of Qatar National Bank and Qatar International Islamic Bank. Overall, these developments indicate a positive market sentiment in the Gulf region, supported by favorable economic indicators.
Analyst comment
Positive news. The Gulf stock markets are expected to continue their positive trend with rising oil prices and strong corporate earnings driving market performance. Key banks such as Dubai Islamic Bank, Al Rajhi Bank, First Abu Dhabi Bank, Qatar National Bank, and Qatar International Islamic Bank are expected to play a significant role in supporting market gains.
