Most Gulf stock markets closed higher on Monday, buoyed by oil prices remaining above $85 per barrel, with the Saudi index reaching its highest level since November. Oil prices stabilized as investors awaited GDP data for the first quarter of the year in China, set to be announced tomorrow, Tuesday, in search of signs of demand recovery in the world's second-largest oil consumer. The data is expected to be positive regarding commodity prices, with the International Energy Agency predicting that it will account for most of the demand growth this year.
The Saudi index rose by 1.2%, reaching its highest level since November, after shares of oil giant Aramco surged 4.7%. Farah Mourad, chief market analyst at XTB for the Middle East and North Africa, stated that the Saudi stock market continued its gains supported by positive sentiment and strong local market fundamentals. She added, "However, the main index could face some price corrections if investors move to secure their profits at the next opening."
The Dubai index increased by 0.6% with Emaar Properties' shares rising by 2.2%. The Abu Dhabi index also closed up by 0.2%. Abu Dhabi Commercial Bank, the third-largest bank in the UAE, announced a 27% increase in net profits for the first quarter, supported by rising net interest income and non-interest income. The bank's shares remained unchanged.
On the other hand, the Qatari index fell by 0.6%, influenced by a 2.3% decline in shares of Industries Qatar, a petrochemical producer. The Egyptian stock market was closed for a public holiday.
