Oil prices, a major catalyst for Gulf financial markets, rose on the back of the launch of China Monetary stimulus measures and concerns that tensions in the Middle East could hurt regional supplies, while the United States, the world’s largest crude producer, braces for a major hurricane.
China’s central bank on Tuesday announced its biggest 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 for this year’s target.
Stock movements
The Saudi index rose 0.7 percent, with shares of Al-Taiseer Group, which manufactures aluminum products, rising 0.9 percent.
The company’s stock rose Aramco Oil giant 0.4 percent.
The market index rose Dubai Financial by 0.6 percent, benefiting from a 3.5 percent increase in the share of Salik Traffic Tariff Services Company.
In Abu Dhabi, the index rose 0.1 percent.
Qatar’s benchmark index fell 0.2 percent, hurt by a 0.3 percent decline in Qatar National Bank, the Gulf’s largest lender.
