Gulf stock markets advanced in early trading on Thursday, building on previous session gains as oil prices climbed and a ceasefire between Israel and Iran showed signs of holding firm. US President Donald Trump praised the rapid end to the air strikes between Iran and Israel, adding that Washington is expected to push for a pledge from Tehran to halt its nuclear program during upcoming talks with Iranian officials next week.
According to a Reuters report, Saudi Arabia’s benchmark stock index (TASI) extended its winning streak to a fourth consecutive session, edging up 0.2%, with most sectors trading in positive territory. Oil giant Saudi Aramco gained 0.3%, while Red Sea International rose 3%.
On Wednesday, modular housing firm Red Sea announced plans to list its mechanical, electrical, and plumbing subsidiary on the Saudi stock exchange.
Oil prices, a key driver for Gulf financial markets, increased by 0.2% after a larger-than-expected drop in US crude inventories pointed to strong demand. As of 0805 GMT, Brent crude was trading at $67.83 per barrel.
Meanwhile, the Abu Dhabi benchmark index rose 0.4%, supported by a 5.3% jump in RAK Properties and a 0.6% gain in Borouge.
Saudi Arabia’s benchmark stock index extended its winning streak to a fourth consecutive session, edging up 0.2%, with most sectors trading in positive territory. Oil giant Saudi Aramco gained 0.3%, while Red Sea International rose 3%.
On Wednesday, modular housing firm Red Sea announced plans to list its mechanical, electrical, and plumbing subsidiary on the Saudi stock exchange.
Oil prices, a key driver for Gulf financial markets, increased by 0.2% after a larger-than-expected drop in US crude inventories pointed to strong demand. As of 0805 GMT, Brent crude was trading at $67.83 per barrel. Meanwhile, the Abu Dhabi benchmark index rose 0.4%, supported by a 5.3% jump in RAK Properties and a 0.6% gain in Borouge.
Petrochemical firm Borouge announced on Wednesday a partnership with Honeywell to develop the industry’s first AI-driven control room.
Dubai’s benchmark index rose 0.6% for a fifth consecutive session, led by gains in materials, industry, and finance sectors. Tolls operator Salik gained 1.8%, while Emirates NBD, Dubai’s largest bank, added 0.6%.
Qatar’s benchmark index saw a slight increase, supported by advances in materials, utilities, and communications sectors. Vodafone Qatar rose 1.2%, whereas Qatar National Bank, the region’s biggest lender, declined 0.3%.
On Wednesday, the Qatar Investment Authority announced it has teamed up with Canadian asset manager Fiera Capital to launch a $200 million fund designed to increase both local and foreign investment in Qatar’s stock market.
