Business
Major Gulf markets track Asian shares higher
Major Gulf markets track Asian shares higher
About this update from Al Rajhi Bank
Major stock markets in the Gulf rose in early trading on Thursday, mirroring gains in Asian shares, as stronger-than-anticipated U.S. economic data lured investors back into the markets.Data on Wednesday showed that the U.S. services sector activity increased to an eight-month high in October as new orders grew, while private payrolls rose 42,000 last month, exceeding expectations.Saudi Arabia's benchmark index TADAWUL:TASI gained 0.5%, on course to snap a five-day losing streak, with Al Rajhi Bank TADAWUL:1120 rising 0.7% and Saudi National Bank TADAWUL:1180, the country's biggest lender by assets, advancing 0.8%.Elsehwere, Al-Babtain Power and Telecommunication Co TADAWUL:2320 advanced 5.2%, after reporting a 190% rise in third-quarter profit. However, Riyadh Cement TADAWUL:3092 plunged more than 7%, set for its biggest intraday fall since April, following a steep fall in quarterly net profit.Dubai's main share index DFM:DFMGI rose 0.6%, led by a 2.7% gain in toll operator Salik DFM:SALIK and a 1.1% increase in blue-chip developer Emaar Properties DFM:EMAAR.In the previous session, most Gulf markets declined, following global shares downward, as an overnight tech-driven sell-off on Wall Street highlighted concerns over elevated valuations.In Abu Dhabi, the index ADX:FADGI edged 0.1% higher.On the other hand, conglomerate International Holding slipped 0.2%, despite reporting a higher quarterly profit.Oil prices, a catalyst for the Gulf's financial markets, rose as oversupply concerns eased, after closing at two-week lows in the prior session on weaker demand.The Qatari index QSE:GNRI climbed 0.4%, buoyed by a 2.2% jump in telecoms firm Ooredoo QSE:ORDS.