Dubai (Reuters) – Most major stock markets in the Gulf rose in early trade on Monday, with the Dubai index outperforming the region, although the Abu Dhabi index bucked the trend.
Dubai’s main share index (.DFMGI) – which traded after a four-session break – gained 1.3%, driven by a 3% jump in blue-chip developer Emaar Properties (EMAR.DU) and a 1.7% increase in Emirates NBD Bank (ENBD.DU).
Saudi Arabia’s benchmark index (.TASI) added 0.2%, helped by a 0.8% rise in Dr Sulaiman Al-Habib Medical Services (4013.SE).
Among other gainers, Etihad Etisalat Company (7020.SE) advanced 2.4% a day before trading ex-dividend.
In Qatar, the index (.QSI) rose 0.2%, with petrochemical maker Industries Qatar (IQCD.QA) putting on 0.8% and Qatar Gas Transport Nakilat Co (QGTS.QA) climbing 1%.
In Abu Dhabi, the economy of which is mostly reliant on oil, the index (.FTFADGI) traded 0.1% lower as the commodity slipped.
Oil – a key catalyst for the Gulf’s financial market – fell as concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve weighed on prices, offsetting forecasts of tighter supplies and OPEC+ output cuts.
