Dubai leads most Gulf markets higher
Reuters
Published Jan 24, 2024 03:38AM ET
By Md Manzer Hussain
(Reuters) - Stock markets in the Gulf were up on Wednesday in early trade amid rising oil prices and robust corporate earnings, with the Dubai index outperforming its peers.
Oil prices, a catalyst for the Gulf's financial markets, rose slightly after a modest fall earlier in the session as traders weighed the impact on prices stemming from escalating geopolitical tensions and concerns over tepid demand.
Dubai's benchmark stock index surged 1.2%, the highest rise in nearly three months, with all sectors in positive territory.
The index was lifted by a record surge in Dubai Islamic Bank which jumped 7.9% in early trade, the sharpest rise since June 2020.
The biggest Islamic lender in the United Arab Emirates, reported on Tuesday a 24% increase in full-year attributable net profit to 6.80 billion dirhams ($1.85 billion), up from 5.47 billion ($1.49 billion) a year earlier.
Saudi Arabia's benchmark stock index was up 0.6%, supported by a gain of 1% in Al Rajhi Bank and a 1.4% rise in Elm Co.
In Abu Dhabi, the benchmark stock index advanced 0.3%, with UAE's largest lender First Abu Dhabi Bank gaining 1.8% and Abu Dhabi Islamic Bank climbing 2.5%.
ADIB reported on Tuesday a 28% increase in fourth-quarter net profit to 1.5 billion dirhams ($408.45 million), up from 1.17 billion a year earlier.
The Qatari benchmark index inched up 0.1%, aided by a gain of 0.9% in Qatar National Bank and 1.2% rise in Qatar International Islamic Bank.
($1 = 3.6724 UAE dirham)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.