Main Gulf stock markets rose on Monday, as investors weighed diplomatic efforts aimed at ending the conflict in the Middle East, following a third day of talks between Iranian and Qatari officials to achieve this goal.
Reuters reported that the Saudi stock market index rose by 0.5%, driven by gains in materials, real estate, and industrial sector indices. Saudi Basic Industries Corporation (SABIC) shares advanced 2.3%, and shares of Al Ahli Bank of Saudi Arabia, the kingdom's largest bank by assets, rose 1.2%. However, Gulf Insurance Group shares plummeted 8.4% after it announced a 44% drop in its quarterly net profit, and Legam Sports Co. shares fell 6.1% after the sports and fitness club operator recorded an 11.1% decline in third-quarter net profit.
In Qatar, the stock market index rose by 0.2%, after most listed stocks closed higher. Qatar Industries shares advanced 2.9%, and Qatar Navigation shares rose 4.6%. The Abu Dhabi stock market index also rose by 0.3%, supported by gains in most sectors, with Abu Dhabi Islamic Bank shares advancing 1.1%. Additionally, four units of the National Petroleum Company of Abu Dhabi (ADNOC) listed on the index increased: ADNOC Drilling shares rose 1.7%, ADNOC Distribution shares rose 0.8%, and ADNOC Gas and ADNOC Supply & Services shares each rose 0.3%.
ADNOC and AI-focused company G42 signed an agreement today with OpenAI to deploy advanced artificial intelligence capabilities across the state energy company's operations. The main index in Dubai rose by 0.6%, supported by rises in almost all sectors, with Emirates NBD shares, the largest bank in the emirate, advancing 2.4%, and Emaar Properties shares, a leader in real estate development, rose by 1.1%. Meanwhile, the index in Kuwait and the Sultanate of Oman fell by 0.4% each, and the Bahraini index fell by 0.3%.
Most Arab Gulf stock markets fell on Sunday, as investors maintained caution amid fears of renewed escalation between the United States and Iran following the US midterm elections scheduled for tomorrow, Tuesday.
Source: Syrian Arab News Agency (SANA)
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