Gulf stock exchanges continue to rise .. “Qatar” records the largest gains since 2019

Stock markets in the Gulf closed higher yesterday, with recession fears receding to continue recovery after rapid selling triggered by central banks around the world to raise interest rates in order to curb inflation.
According to “Archyde.com”, the main index in Qatar recorded its largest one-day gain since May 2019 with a rise of 3.4 percent, with almost all shares of the index in the positive area, including the share of Qatar National Bank, the largest Gulf bank, which jumped 5.3 percent. .
Eman Al-Ayyaf, CEO of EA Trading, said the Qatari market rose strongly supported by corporate earnings and strong local fundamentals.
“Natural gas prices also improved this month, which helped stop the decline in the main index,” she added.
Among the other gainers, the share of Qatar Telecom “Areed” rose 9.2 percent.
The Dubai index rose 0.8 per cent, with Emirates NBD Bank rising 2 per cent. The Abu Dhabi Stock Exchange also closed up 1 percent, driven by the rise in the shares of First Abu Dhabi Bank, the largest bank in the Emirates, 1.5 percent.
The UAE Central Bank said yesterday that the UAE economy grew by about 8.2 percent in the first quarter, supported by an increase in oil production.
The Kuwait index rose 1.35 percent, coinciding with a wave of optimism due to the appearance of the first results of listed companies for the second quarter, after Boubyan Bank announced that it had achieved an increase in net profits of about 82 percent in the second quarter on an annual basis, and made progress in the Kuwait Finance House acquisition of Ahli United Bank of Bahrain.
Shares of “KFH” rose 1.8 percent and Ahli United Bank of Bahrain 1.4 percent. Boubyan Bank shares rose 1.4 82 percent. National Bank of Kuwait shares rose 0.2 percent, Gulf Bank 4.5 percent, “Agility” for public warehouses 4.2 percent, and the National Industries Holding Group 3.1 percent.
The Bahrain index increased 0.73 percent to 1,846 points. The Muscat general index rose 0.96 percent to 4,281 points.
In Cairo, the main index of the Egyptian Stock Exchange closed at an increase of 0.8 percent. The Egyptian stock market hit its lowest level in nearly six years earlier this month when the country came under pressure due to a sharp drop in foreign investor holdings of portfolios and the rising costs of imports of key commodities, especially since the Russian intervention in Ukraine.

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