Dubai's main share index hits fresh record high

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Most stock markets in the Gulf settled higher on Monday including Dubai's main share index DFM:DFMGI, which rose 0.7% to a record high for a second consecutive session.The index had scaled a record on Friday, boosted by a slew of business agreements between the United Arab Emirates and the U.S.President Donald Trump on his last stop of a Gulf tour said that the two countries had agreed on a path for the Gulf nation to buy advanced semiconductors used for artificial intelligence technologies from U.S. companies, a major win for Abu Dhabi's efforts to become a global AI hub.Abu Dhabi's benchmark index ADX:FADGI closed up 0.12% on Monday.On Dubai's main index, lender Emirates NBD Bank DFM:EMIRATESNBD, was the top gainer, closing up 3.5%.Qatar's benchmark stock index QSE:GNRI also finished the day 0.7% higher, with Qatar Islamic Bank QSE:QIBK settling up 1.6%.Meanwhile, oil prices fell on Monday, pressured by Moody's downgrade of the U.S. sovereign credit rating and disappointing data from China, where official figures revealed a slowdown in both industrial output and retail sales.Saudi Arabia's benchmark stock index TADAWUL:TASI closed down 0.3%. Electrical components and equipment maker Middle East Specialized Cables Company TADAWUL:2370 was the top loser, down 5.8%. Outside the Gulf, Egypt's blue-chip index EGX:EGX30 fell 1.13%.SAUDI ARABIATADAWUL:TASI down 0.29% to 11,405.28ABU DHABIADX:FADGI up 0.12% to 9,665.74DUBAIDFM:DFMGI up 0.66% to 5,491.25QATARQSE:GNRI up 0.65% to 10,710.09EGYPTEGX:EGX30 down 1.13% to 31,355.82BAHRAINBAHRAIN:BHBX inched up 0.04% to 1,921.84OMAN(.MSX30) up 0.37% 4,452.245KUWAIT(.BKP) down 0.31% at 8,707.92

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