Home Business News Limited performances in GCC stock markets, oil improves

Limited performances in GCC stock markets, oil improves

by Thea Coates Finance Reporter
13th Mar 24 12:39 pm

The GCC stock markets were mostly seeing limited performances although better demand expectations for oil could support sentiment at a time when geopolitical tensions remain a concern.

The Saudi stock market continued its strong bullish momentum today and reached a new high.

The market benefitted from a strong rebound in some banks like Al Rajhi and Alinma although other banks saw mixed performances. Sentiment could also improve as oil demand expectations look brighter after yesterday’s US data.

At the same time, strong local fundamentals and positive corporate earnings could continue to boost sentiment and performances.

The Dubai stock market continued to trade sideways similarly to the last five trading sessions and could continue to see some uncertainty after correcting from a nine-year high. Major stocks were recording mixed performances and could leave the market exposed to some price corrections as traders continued to monitor monetary policy expectations and geopolitical tensions.

The Abu Dhabi stock market remained within a range near its latest low. Improvements in oil markets could help the market build support for a rebound although geopolitical tensions remain a source of risks.

The Qatari stock market closed without much change after a slightly volatile trading session. The market recorded mixed performances among its major stocks and could be exposed to price corrections while natural gas prices continue to slide.

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