Stock markets in the Gulf Cooperation Council (GCC) countries witnessed gains on Monday, with the Saudi index leading the charge thanks to robust corporate performance. The Dubai market index also rose, supported by gains in the communications, industry, and finance sectors. Shares of SALIC and Mashreq Bank contributed to the overall positive trend.
In Abu Dhabi, the market index rose for a second consecutive session, driven by gains in Abu Dhabi Islamic Bank and Aldar Properties. Aldar Properties reported a significant increase in net profit, leading to a 4.1% rise in their shares – the largest daily increase in nearly six months.
Saudi Arabia’s stock market ended a five-session losing streak, with the Saudi index rising by about 1.1%. Companies like Al Rajhi Bank and Saudi National Bank saw gains following positive earnings reports. In Kuwait and Bahrain, stock markets also experienced gains, with increased trading volume and value.
The Qatari stock market saw gains for a second consecutive session, with Qatar Islamic Bank and Industries Qatar leading the way. Qatar Gas Transport also reported an increase in net profits, contributing to the positive performance of the Qatari index. In Oman, the Muscat Stock Exchange index rose while Egypt’s stock market ended with losses after four consecutive sessions of declines.
Overall, stock markets in GCC countries showed positive momentum driven by strong corporate results and growing investor confidence. These markets reflect increasing optimism about the region’s economic outlook as companies continue to perform well despite global economic uncertainties.
