Thursday 12 October 2023

Most Gulf shares rise on strong oil; Mideast conflict in focus | Reuters

Most Gulf shares rise on strong oil; Mideast conflict in focus | Reuters


Most stock markets in the Gulf rose on Thursday, tracking higher oil prices, while traders kept an eye on the conflict between Palestinian militants and Israel.

Oil prices - a key catalyst for the Gulf's financial market - climbed 1.44% on speculation that U.S. interest rates may have peaked, with Brent trading at $87.09 a barrel at 1230 GMT.

The Qatari index (.QSI) was up for a third straight session, advancing 1% as most of its stocks rose. Qatar Islamic Bank (QISB.QA) surged 1.7% and Industries Qatar (IQCD.QA) climbed 1.1%.

Qatar National Bank (QNB) (QNBK.QA), the biggest Gulf bank by assets, gained 0.7%.

Saudi Arabia's benchmark index (.TASI) edged up 0.1%, supported by gains in most sectors, with oil major Saudi Aramco (2222.SE) adding 0.5% and Company for Cooperative Insurance (8010.SE) surging 3.7%.

Dubai's benchmark index (.DFMGI) ended 0.6% lower, dragged down by losses in all sectors with Emaar Properties (EMAR.DU) dropping 1.4% and Tecom Group (TECOM.DU) sliding 1.8%.

In Abu Dhabi, the benchmark index (.FTFADGI) was down 0.6, with Multiply Group (MULTIPLY.AD) falling 1.8% and conglomerate Alpha Dhabi (ALPHADHABI.AD) declining 1.5%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.7%, lifted by a 7.8% climb in El Sewedy Electric Co (SWDY.CA) and a 16% surge in Alexandria Container and Cargo Handling Company (ALCN.CA).

Meanwhile, investors continued to monitor developments in the conflict in the Middle East, with Israel's military saying there would be no humanitarian exceptions to its siege of the Gaza Strip until all its hostages were freed.

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