MIDEAST STOCKS Major Gulf bourses shrug off geopolitical tensions
Aug 5 (Reuters) – Most major stock markets in the Gulf reversed early losses to close higher on Thursday, shrugging off regional tensions, with the Qatar index leading the gains.
Israeli jets struck what its military said were rocket launch sites in Lebanon early on Thursday in response to two rockets fired towards Israel from Lebanese territory, in an escalation of cross-border hostilities. read more
Saudi Arabia’s benchmark index (.TASI) rose 0.4%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) advancing 3.1% and Sahara International Petrochemical Co (2310.SE) climbing 4.2%.
Tanmiah Food Company (2281.SE) surged over 19%, a day after its stellar debut.
Economies of the Gulf Cooperation Council (GCC) will likely grow at an aggregate 2.2% this year after a 4.8% contraction last year caused by the pandemic and lower oil prices, the World Bank said on Wednesday.
It remains vital for GCC countries – which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates – to diversify their economies, the World Bank said, as oil revenues account for over 70% of total government revenues in most of them.
The Qatari benchmark (.QSI) added 0.6%, led by a 0.6% increase in Qatar National Bank (QNBK.QA) and a 1.2% rise in Commercial Bank (COMB.QA).
Among others, Mesaieed Petrochemical Co (MPHC.QA) finished 0.3% higher.
Post trading hours, the petrochemical maker reported a net profit of 909.4 million riyals ($249.84 million), up from 135.1 million riyals a year earlier.
Dubai’s main share index (.DFMGI) added 0.3%, with Emirates NBD Bank (ENBD.DU) gaining 1.1% and blue-chip developer Emaar Properties (EMAR.DU) firming 0.7%.
Dubai’s state airport operator expects a surge in passenger traffic over the coming weeks and months, its chief executive said on Wednesday, after the United Arab Emirates announced an easing of travel restrictions from African and Asian countries. read more
The Gulf state, a major international travel hub, on Tuesday said it would lift a ban on transit flights, including from major market India. read more
In Abu Dhabi, the index (.I) edged up 0.2%, supported by a 3.2% rise in Aldar Properties (ALDAR.).
Outside the Gulf, Egypt’s blue-chip index (.EGX30) was flat.
($1 = 3.7501 riyals)
($1 = 3.6400 Qatar riyals)
Reporting by Ateeq Shariff in Bengaluru Editing by Mark Potter
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