Stock markets in the Gulf tracked global peers higher on Thursday, led by the Qatar index, as the optimism around potential U.S. interest rate cuts raised investors' risk appetite.
Saudi Arabia's benchmark stock index rose for the fourth straight session, up 0.7%, with most of its constituents posting gains © Mena Today
Stock markets in the Gulf tracked global peers higher on Thursday, led by the Qatar index, as the optimism around potential U.S. interest rate cuts raised investors' risk appetite.
Data on Wednesday showed lower growth in the U.S. services industry and bolstered optimism over the potential easing of monetary policy. Sentiment was aided by a reaffirmation from Federal Reserve Chair Jerome Powell that U.S. rates were still on course to be cut this year, though the timing was data-dependent.
Outside the Gulf, Egypt's blue-chip index gained 2%, with almost all stocks in the green.
By Md Manzer Hussain
The United Arab Emirates' withdrawal from OPEC weakens the group's control over global oil markets and potentially risks widening a rift with Gulf neighbour Saudi Arabia, the de facto leader of the crude producers' organisation.
The emirate's foreign trade figures signal a deepening integration into global markets and accelerating economic diversification away from hydrocarbons.
Aldar Properties, Abu Dhabi's largest real estate developer and asset manager, has reported robust first-quarter 2026 results, with net profit after tax climbing 20% year-on-year to AED 2.3 billion ($626 million), on revenues of AED 8.7 billion ($2.4 billion).
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