Major Gulf stock markets edged higher on Monday as Iran and the U.S. prepared to hold a third round of nuclear talks, raising hopes the longtime adversaries could find a way to step back from direct confrontation.
Saudi Arabia's benchmark index (.TASI), opens new tab finished 0.3% higher in a volatile session, recovering slightly from a near 2% drop in the previous session. Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gained 1.3%, reversing some losses after a sharp 2.9% decline on Thursday, its worst in nearly five months.
Energy giant Saudi Aramco (2222.SE), opens new tab advanced 1.1%. Trade sources reported that the company sold several shipments of ultra-light crude oil from its $100 billion Jafurah gas plant to U.S. firms and an Indian refiner, ahead of its first export later this month.
Dubai's main share index (.DFMGI), opens new tab climbed 1.8%, ending a two-day losing streak in a broad-based rally, led by a 3.7% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 2.9% leap in Emirates NBD Bank (ENBD.DU), opens new tab.
Emirates Central Cooling Systems Corporation climbed 2.3% after announcing a contract award for the design of its fifth district cooling plant in Dubai's Business Bay.
A positive fourth-quarter earnings season, and the prospect of an easing in geopolitical tensions could strengthen investor sentiment, allowing markets to climb further, said Daniel Takieddine, Co-founder and CEO of Sky Links Capital Group.
In Abu Dhabi, the index (.FTFADGI), opens new tab gained 0.6%, following two consecutive sessions of profit-taking from record highs. Abu Dhabi Commercial Bank (ADCB.AD), opens new tab edged 0.4% higher, while Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab climbed over 2%.
Qatar's benchmark (.QSI), opens new tab rose 1.1%, marking its strongest one-day gain in nearly a month, supported by banking stocks. Qatar National Bank (QNBK.QA), opens new tab, the largest lender in the region, climbed 2.2%, its best daily performance since mid-October.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 2.6% with all sectors closing in the green, buoyed by optimism after the International Monetary Fund said its board would meet on February 25 to review Egypt's Extended Fund Facility programme, a move that could unlock $2.3 billion in disbursements.
Commercial International Bank (COMI.CA), opens new tab, Egypt's leading private lender, rose 3.3%, while Talaat Moustafa Group (TMGH.CA), opens new tab jumped 2.7%. The real estate developer posted a 43% jump in full-year profits and was promoted to the Mid Cap Segment within the FTSE Russell Global Equity Index Series.
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