March 1 (Reuters) – Gulf stocks edged higher on Wednesday as strong Chinese manufacturing activity data boosted the outlook for global fuel demand, while oil prices extended gains.
Chinese manufacturing activity expand An official index showed growth in February at the fastest pace in more than a decade, beating expectations as production surged after COVID-19 restrictions were lifted late last year.
Oil prices, the main driver of the Gulf economies, were up 0.5% by 0800 GMT.
Saudi Arabia benchmark stock index (.one) March started March up 0.7% after falling 6.6% the previous month.
Financials were one of the biggest boosts, with most banks trading in positive territory.Raj Bank (1120.SE)the world’s largest Islamic bank by market capitalization, Riyadh Bank (1010.SE) They rose 1% and 2.9%, respectively.
Dubai benchmark stock index (.DFMGI) They edged up 0.1 percent, boosted by real estate and industrial shares. Blue chip developer Emaar Properties (EMAR. YOU) up 1.7 percent, toll operator Salik (Salik. You) An increase of 2.3%.
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In Abu Dhabi, the benchmark stock index (.FTFADGI) First Abu Dhabi Bank rose 0.1%, leading gains of 0.3%. (FAB.AD)the United Arab Emirates’ largest bank, Alpha Dhabi Holding rose 0.6 percent (ALPHADHABI.AD).
UAE Insurance (EIC.AD) Shares soared nearly 15% after proposing an annual dividend of 50 fils per share.
Abu Dhabi Airways (ADAVIATION.AD) Shares rose more than 8 percent after the helicopter operator said its board would discuss the ADQ offer and seek shareholder approval.
In October, ADQ, Abu Dhabi’s sovereign wealth fund, said it had sent take Abu Dhabi Airways and merge it with Etihad Engineering, AMMROC and GAL’s ADQ stake to create a “globally competitive aviation business”.
Qatar Stock Index (.QSI) It rose 0.1 percent, led by industrials and energy stocks.
Petrochemical Manufacturer Industries Qatar (IQCD.QA) up 1.2%, while Qatari gas transporter Nakilat (QGTS.QA) rose 1.2%.
Utilities Qatar Hydro (QEWC.QA) Shares rose nearly 1% after it said it had agreed in principle with KAHRAMAA to extend the power sale and purchase agreement for the RAF’s B1 station until the end of 2029.
Reporting by Shamsuddin Mohd in Bengaluru; Editing by Subhranshu Sahu
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