Main stock markets in the Gulf rose in early trading on Wednesday, with the Saudi index climbing 0.2% thanks to a 1.8% increase in shares of the National Commercial Bank, the largest bank in the country. However, the index is on track to end a three-day winning streak. U.S. President Joe Biden and Republican Speaker of the House Kevin McCarthy are engaged in critical talks regarding the raising of the government debt ceiling. The government may default on its debts in just over two weeks.
On another note, Saudi Aramco's shares fell 0.9% as stocks were traded during the dividend distribution. The Dubai index increased by 0.7% with Emaar Properties shares rising 1.4% and shares of Emirates Central Cooling Systems Corporation (Empower) climbing 2.4%. The Qatari index also rose by 1.3%. Most stocks were up, including shares of Qatar National Bank, the largest bank in the Gulf, which increased by 2.9% following media reports that the Gulf state plans to bolster the stock market to attract foreign investors.
