June 8, 2023

Most Gulf markets closed higher today Tuesday as markets followed a recovery in global equities and oil prices, while the Qatari index posted its biggest single-day gain in more than four years.

Oil prices, the main backer of the Gulf markets, rose, supported by expectations that the OPEC+ group will agree to a substantial production cut at its meeting this week, while robust demand and upcoming sanctions on Russian oil have provided some additional price support. .

The Qatari index jumped 3.5 percent, the biggest one-day gain since August 2018. All stocks in the index rose, including Industries Qatar, which rose 3.9 percent.

Daniel Taqi El-Din, BD Suisse’s general manager for the Middle East and North Africa, said the Qatari stock exchange continues to recover from gains in other markets in the region and elsewhere.

“However, it remains vulnerable to a price correction as natural gas resumes its decline,” he added.

Saudi Arabia’s core index rose 1.1%, while Al-Rajhi Bank added 1.6%.

Dubai’s main stock index closed up 1.8 percent, with the banking sector among the biggest winners, with broad gains.

In Abu Dhabi, the index closed 1.5% higher.

Outside the Gulf region, the Egyptian stock market index closed 2.5 percent higher as investors bought shares after they fell to a low level.

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