Most Gulf markets gain as investors shrug off US debt-limit talks – The Markets IG News

Most stock markets in the Gulf closed higher on Wednesday as investors shrugged off concerns about the US government’s debt-limit talks.

US President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy prepared for crucial debt-limit talks on Monday, with a little over two weeks before the government could run short of money to pay its bills. It will take more time.

Saudi Arabia’s benchmark index rose 0.6%, driven by a 3.6% jump in the country’s biggest lender Saudi National Bank and a 3% gain in Riyadh Bank.

Ahead of US debt-limit talks, oil prices edged lower in most Gulf markets

Gabby Dhaduh, senior relationship manager at, said the Saudi stock market remains in an overall positive direction, but is starting to see some challenges to maintaining clear gains.

“The main index could be weighed down by deteriorating conditions in the oil markets in the short to medium term.”

Oil prices – a key catalyst for Gulf financial markets – were steady after a surprise rise in US crude inventories, as economic concerns competed with a tighter supply outlook for later in the year.

However, oil giant Saudi Aramco ended 0.9% lower as the firm went ex-dividend.

The Qatari index outperformed the sector to close 2% higher, as most stocks on the index were in positive territory, including Qatar Islamic Bank, which jumped 4.5%, following media reports that the Gulf state was attracting is planning to promote the stock market. foreigners.

Dubai’s main stock index broke a four-session losing streak to end 1.6% higher, with Emirates Central Cooling Systems up 3%.

In Abu Dhabi, the index rose 0.5%.

Outside the Gulf, Egypt’s blue-chip index fell 1.1%, while Sidi Kerir Petrochemicals Co retreated 6.7%.

According to Dahdouh, Egyptian stock markets stabilized somewhat but continued to post losses as international investors remained sellers on global concerns and declining risk appetite.

Saudi Arabia rose 0.6% to 11,278

Abu Dhabi up 0.5% to 9,526

Dubai rose 1.6% to 3,566

Qatar rose 2% to 10,682 points

Egypt fell 1.1% to 16,844

Bahrain was up 0.1% to 1,940

Oman down 0.3% at 4,695

Kuwait slipped 1.1% to close at 7,418.