Business
Major Gulf markets track global shares higher
Major Gulf markets track global shares higher
About this update from Al Rajhi Bank
By Ateeq Shariff Most stock markets in the Gulf closed higher on Thursday, in line with global shares, after U.S. President Donald Trump backed away from imposing tariffs on eight European countries, lifting global investor sentiment.Trump's tariff threats, floated as leverage to seize Greenland, had fueled tensions and kept markets jittery this week, leading investors to treat the latest turn of events with some caution even as a sense of relief was evident.The pan-European STOXX index TVC:SXXP up over 1% in early trading after Wednesday's initial reaction spurred Wall Street's SP:SPX best day in two months.Saudi Arabia's benchmark index TADAWUL:TASI advanced 1.7%, with Al Rajhi Bank TADAWUL:1120 rising 3.1% and the country's biggest lender by assets Saudi National Bank TADAWUL:1180 up 2.4%. Oil giant Saudi Aramco TADAWUL:2222 concluded 1% higher.The kingdom's crude oil exports hit their highest level in more than two-and-a-half years in November, data from the Joint Organizations Data Initiative showed on Wednesday.The improved external environment allowed the market to pivot its focus to the fourth-quarter earnings season, keeping optimism high and maintaining a dominant "risk-on" mood, said Joseph Dahrieh, managing director at Tickmill.Dubai's main share index DFM:DFMGI climbed 1.5%, with blue-chip developer Emaar Properties DFM:EMAAR gaining 2.4%.In Abu Dhabi, the index ADX:FADGI was up 1%, buoyed by a 1.2% gain in Abu Dhabi Islamic Bank ADX:ADIB following a rise in fourth-quarter profit.According to Dahrieh, the Abu Dhabi market has the potential to continue higher, backed by solid fundamentals; oil price volatility remains a key risk factor to watch.The Qatari index QSE:GNRI rose 1.1%, led by a 3.1% rise in Qatar Islamic Bank QSE:QIBK.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 finished 0.9% higher. Saudi ArabiaTADAWUL:TASI advanced 1.7% to 11,134Abu DhabiADX:FADGI gained 1% to 10,305DubaiDFM:DFMGI climbed 1.5% to 6,495QatarQSE:GNRI rose 1.1% to 11,217EgyptEGX:EGX30 was up 1% to 46,517BahrainBAHRAIN:BHBX finished flat at 2,053Oman(.MSX30) added 0.4% to 6,214Kuwait(.BKP) edged up 0.1% to 9,449