Mideast Stocks: Major Gulf markets track global shares higher

PHOTO

Most stock markets in the Gulf closed higher on Thursday, in ‍line with ‍global shares, after U.S. President Donald Trump backed away from imposing tariffs on eight European countries, lifting global investor sentiment.

Trump's tariff threats, floated as leverage ⁠to seize Greenland, had fueled tensions and kept markets jittery this week, leading investors to ⁠treat the ‌latest turn of events with some caution even as a sense of relief was evident.

The pan-European STOXX index up over 1% ⁠in early trading after Wednesday's initial reaction spurred Wall Street's best day in two months.

Saudi Arabia's benchmark index advanced 1.7%, with Al Rajhi Bank rising 3.1% and the country's biggest lender by assets Saudi National Bank up 2.4%. ⁠Oil giant Saudi Aramco concluded 1% higher.

The kingdom's crude oil exports hit their highest level in more than two-and-a-half years in November, ‍data from the Joint Organizations Data Initiative showed on Wednesday. The improved external environment allowed the market to pivot its focus to the fourth-quarter earnings season, keeping optimism high and maintaining a dominant "risk-on" mood, said Joseph Dahrieh, managing director at Tickmill.

Dubai's main share index climbed 1.5%, with blue-chip developer Emaar Properties gaining 2.4%.

In Abu Dhabi, the index was up 1%, buoyed by a 1.2% gain in Abu Dhabi Islamic Bank following a rise in fourth-quarter profit.

According to Dahrieh, the Abu Dhabi market has the potential to continue higher, backed by solid fundamentals; oil price volatility remains ⁠a key risk factor to watch.

The Qatari index ‌rose 1.1%, led by a 3.1% rise in Qatar Islamic Bank.

Outside the Gulf, Egypt's blue-chip index finished 0.9% higher.