Skip to main content

Major Gulf markets gain as geopolitical concerns ease

1 min

Major stock markets in the Gulf rose in early trade on Tuesday, on course to recover some losses as fears of wider geopolitical strife eased.

Saudi Arabia's benchmark index gained 0.6% © Mena Today 

Major stock markets in the Gulf rose in early trade on Tuesday, on course to recover some losses as fears of wider geopolitical strife eased.

Iran said on Friday that it had no plan to retaliate following an apparent Israeli drone attack within its borders, which in turn followed an Iranian missile and drone attack on Israel days before.

Saudi Arabia's benchmark index gained 0.6%, with Saudi Aramco advancing 0.5%, after the oil giant said it is in talks to acquire a 10% stake in China's Hengli Petrochemical.

The deal would further bolster Aramco's growing downstream presence in China.

Dubai's main share index rose 0.5%, led by a 1% gain in blue-chip developer Emaar Properties.

Meanwhile, banks and finance companies in the United Arab Emirates may defer personal and car loan installments for six months to help deal with the repercussions of last week's storm, the UAE central bank said on Monday.

The UAE last week suffered the heaviest rains in 75 years, causing widespread flooding which trapped residents in traffic, offices and homes and left many people counting the costs of damage to vehicles and property.

In Abu Dhabi, the index was up 0.2%.

The Qatari benchmark added 0.5%, on track to snap three sessions of losses, with the Gulf's biggest lender Qatar National Bank rising 1.1%.

Tags

Related

United Arab Emirates

UAE economy grew 4.3% in fourth quarter of 2023

The United Arab Emirates' (UAE) economy grew 4.3% year-on-year in the fourth quarter of 2023, preliminary government data showed, with non-oil economic growth vastly outperforming overall GDP.

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.