off-the-wire

MIDEAST STOCKS-Most Gulf markets in black as oil edges higher

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Ateeq Shariff May 4 (Reuters) - Most stock markets in the Gulf ended higher on Thursday, bouncing back from early losses with a rebound in oil prices, although gains were limited after the U.S. Federal Reserve raised interest rates. Saudi Arabia's benchmark index gained 0.4%, with Dr Sulaiman Al-Habib Medical Services rising 1.4%. The Saudi stock market stabilized to a certain extent as oil prices rebound. The main index has recorded some price corrections and could be exposed to the weight of mixed company earnings, said Fadi Reyad, Chief Market Analyst at CAPEX.com. "However, positive local fundamentals continue to lend support and could help the market return to the upside."


Government-led reforms and the growth of private investment in new sectors will help support non-oil economic growth in Saudi Arabia amid an expected sharp slowdown in overall growth this year, a senior IMF official said. Dubai's main share index gained 0.4%, with budget airliner Air Arabia advancing 3.2%. In Abu Dhabi, the index was up 0.3%. Oil prices - a key catalyst for the Gulf's financial markets - were steady after an European Central Bank (ECB) decision to slow interest rate hikes, but were unable to claw back much of this week's more than 8% decline as demand concerns in major consuming countries continued to weigh. The Qatari index advanced 1.5%, as most of the stocks on the index were in positive territory, including Commercial bank which finished 5.3% higher. According to Reyad, the Qatari bourse maintained a positive outlook while natural gas prices remained stagnant and some companies published strong earnings.

** Egypt was closed for a public holiday
SAUDI ARABIA rose 0.4% to 11,119 ABU DHABI up 0.3% to 9,674 DUBAI added 0.4% to 3,591 QATAR gained 1.5% to 10,640 BAHRAIN was up 0.2% to 1,906 OMAN eased 0.1% to 4,724 KUWAIT added 0.7% to 7,779


(Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine Hardcastle)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.