2024-03-12 09:27:36
Most stock markets in the Gulf rose in early trading on Tuesday in light of the rise in oil prices with continued concerns resulting from geopolitical tension in the Middle East, while expectations of weak demand limited gains.
Oil prices – a catalyst for financial markets in the Gulf region – increased 0.5 percent to $82.6 per barrel by 0735 GMT.
Air strikes attributed to a US-British coalition targeted coastal cities and small towns in western Yemen on Monday. While the Yemeni Houthi group said on Tuesday that it targeted what it said was the “American ship Pinocchio” in the Red Sea with missiles.
The Saudi index rose 0.2 percent, supported by gains in the energy, finance, communications and public utilities sectors.
Alinma Bank shares rose 1.1 percent, Alawwal Saudi Bank shares rose 1.3 percent, and ACWA Power shares increased 0.6 percent.
In Abu Dhabi, the index rose 0.1 percent, supported by a rise in Aldar Properties shares by 0.7 percent and Abu Dhabi National Energy (Taqa) shares by 1.9 percent.
However, the Dubai index fell 0.2 percent, affected by the fall in Emaar Real Estate Development shares by 0.5 percent and Mashreq Bank shares by 4.5 percent, despite the rise in the shares of Emirates NBD Bank, the emirate’s largest bank, by 1.2 percent.
The index in Qatar also rose 0.2 percent, supported by gains in almost all sectors, with Industries Qatar rising 1.1 percent and Qatar Gas Transport rising 0.7 percent.
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