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Mideast Stocks: Major Gulf Markets Gain in Early Trade; Saudi Falls
2024-11-25

Mideast Stocks: Major Gulf Markets Gain in Early Trade; Saudi Falls

Most stock markets in the Gulf rose in early trade on Monday, shrugging off geopolitical tensions amid the ongoing war between major oil producer Russia and Ukraine, although the Saudi index bucked the trend to trade lower.

Last week, Russia fired a hypersonic missile at Ukraine in a warning to the United States and Britain following strikes by Kyiv on Russia, using U.S. and British weapons.

Dubai's main share index .DFMGI advanced 0.7%, led by a 2% rise in blue-chip developer Emaar Properties EMAR.DU and a 2.2% increase in toll operator Salik SALIK.DU.

The Abu Dhabi index .FTFADGI was up 0.4%.

In Qatar, the index .QSI added 0.3%, with Qatar Islamic Bank QISB.QA rising 0.9% and petrochemical maker Industries Qatar IQCD.QA up 0.5%.

MSCI's broadest index of Asia-Pacific shares .MIAP00000PUS rose following U.S. President-elect Donald Trump's selection of fund manager Scott Bessent as the next U.S. Treasury secretary, with investors expecting he will be a voice for markets in Washington.

Saudi Arabia's benchmark index .TASI dropped 0.5%, weighed down by a 1.5% fall in Al Rajhi Bank 1120.SE and a 1.7% decline in Saudi Arabian Mining Company 1211.SE.

Oil prices - a catalyst for the Gulf's financial markets - retreated following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.

Saudi Arabia's energy index .TENI eased 0.2%.
Source: ZAWYA