T + T – Normal size
Most Arab stock markets rose on Tuesday, benefiting from higher oil prices and gains in Asian stocks supported by wide-ranging stimulus measures in China, while geopolitical tensions in the region limited gains..
Oil prices, a key catalyst for Gulf financial markets, rose on China’s stimulus package and concerns that tensions in the Middle East could hurt regional supplies, while the United States, the world’s biggest crude producer, braced for a major hurricane..
China’s central bank, the People’s Bank of China, announced on Tuesday the largest monetary stimulus package since the pandemic, aiming to revive the economy from recession and meet the government’s growth target this year, but analysts warned that more fiscal stimulus is needed to get growth back on track to achieve the target rate this year..
Dubai’s stock market index rose 0.6 percent, helped by a 3.5 percent increase in the share of Salik, a road toll company. In Abu Dhabi, the index rose 0.07 percent..
The Saudi index rose by 1.14%, while Aramco shares rose by 0.4%..
Qatar’s index rose by 0.46%, Kuwait’s by 0.17%, and Muscat’s by 0.08%, while Bahrain’s index fell by 0.18%, Morocco’s by 0.38%, and Egypt’s by 0.49%. %.
