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Most stock markets in the Gulf settled higher on Monday including Dubai's main share index , which rose 0.7% to a record high for a second consecutive session.
The index had scaled a record on Friday, boosted by a slew of business agreements between the United Arab Emirates and the U.S. President Donald Trump on his last stop of a Gulf tour said that the two countries had agreed on a path for the Gulf nation to buy advanced semiconductors used for artificial intelligence technologies from U.S. companies, a major win for Abu Dhabi's efforts to become a global AI hub. Abu Dhabi's benchmark index closed up 0.12% on Monday.
On Dubai's main index, lender Emirates NBD Bank, was the top gainer, closing up 3.5%. Qatar's benchmark stock index also finished the day 0.7% higher, with Qatar Islamic Bank settling up 1.6%.
Meanwhile, oil prices fell on Monday, pressured by Moody's downgrade of the U.S. sovereign credit rating and disappointing data from China, where official figures revealed a slowdown in both industrial output and retail sales.
Saudi Arabia's benchmark stock index closed down 0.3%. Electrical components and equipment maker Middle East Specialized Cables Company was the top loser, down 5.8%. Outside the Gulf, Egypt's blue-chip index fell 1.13%. down 0.29%
- SAUDI ARABIA to 11,405.28 up 0.12% A
- BU DHABI to 9,665.74 up 0.66%
- DUBAI to 5,491.25 up 0.65% to
- QATAR 10,710.09 down 1.13%
- EGYPT to 31,355.82 inched up
- BAHRAIN 0.04% to 1,921.84 up 0.37%
- OMAN 4,452.245 down 0.31%
- KUWAIT at 8,707.92
(Reporting by Chandini Monnappa and Rishab Shaju in Bengaluru; Editing by Sahal Muhammed)