Gulf Stock Markets Overview

Most major stock markets in the Gulf eased in early trade on Thursday as geopolitical tensions kept investors cautious, although the Dubai index bucked the trend with a rise.

Key Events

• Israeli Strikes: Israel launched strikes on Damascus and a military site near Homs, as U.S. Secretary of State Antony Blinken urged for a ceasefire in the region.
• World Powers Meeting: World powers met in Paris seeking to raise at least 500 million euros for humanitarian aid for Lebanon while aiming for a ceasefire, but little progress is expected due to U.S. focus on domestic issues.

Market Movements

• Saudi Arabia:

  • The benchmark index dropped 0.3% due to declines in Al Rajhi Bank (0.6%) and Saudi National Bank (0.4%).
  • Saudi Aramco: Prices remained flat; J.P. Morgan reduced its target price to 32 riyals ($8.52) from 34 riyals.

• Dubai:

  • Dubai's main share index gained 0.3% with Emaar Properties rising 1.1% and Dubai Taxi Company advancing 2.9%.

• Abu Dhabi:

  • The index eased 0.1%, dragged down by a 0.4% fall in International Holding Co (IHC), which acquired a 46% stake in Emircon for 292 million dirhams ($79.51 million).
  • In contrast, Abu Dhabi Commercial Bank rose 2.2% after reporting a 23% rise in third-quarter profit.

• Qatar:

  • The Qatari benchmark eased 0.1%, with Commercial Bank losing 1.5%.

Currency Conversion

($1 = 3.7552 riyals)

($1 = 3.6727 UAE dirham)