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Tuesday, July 23, 2024

Dubai leads Gulf markets higher; Abu Dhabi falls on oil slump


July 3 (Reuters) – Most major stock markets in the Gulf region rose in early trade on Monday, with Dubai outperforming the region but Abu Dhabi bucking the trend.

Dubai main stock index (.DFMGI) – traded after a four-session break – rose 1.3 percent, boosted by a 3 percent gain in blue-chip developer Emaar Properties (Emma. You) Emirates NBD Bank rose 1.7% (ENBD.DU).

Saudi Arabia Benchmark Index (.one) Up 0.2% thanks to Dr Sulaiman Al-Habib Medical Services, up 0.8% (4013.SE).

Among other gainers, Etihad Etisalat (7020.SE) It rose 2.4 percent the day before ex-dividend trading.

In Qatar, the index (.QSI) Shares in petrochemical maker Qatar Industries rise 0.2% (IQCD.QA) Increased 0.8% and Nakilat Co, which transports Qatari gas (QGTS.QA) climbed 1%.

In Abu Dhabi, whose economy is largely dependent on oil, the index (.FTFADGI) Commodities traded down 0.1% slipped and fell.

Oil – a key catalyst for Gulf financial markets – fell as worries about a global economic slowdown and the possibility of further rate hikes by the Federal Reserve weighed on prices, offsetting expectations for tighter supplies and OPEC+ output cuts.

Reporting by Ateeq Shariff in Bengaluru; Editing by Janan Venkatraman

Our standards: Thomson Reuters Trust Principles.


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