Major Gulf stock markets ended higher on Monday, buoyed by steady oil prices and the commencement of quarterly earnings reports.
Meanwhile, investors evaluated the impact of an assassination attempt on U.S. presidential candidate Donald Trump, who was shot in the ear during a campaign rally on Saturday.
This attack, resulting from a significant security lapse, is expected to reshape the presidential race and heighten concerns about potential political violence.
Saudi Arabia’s benchmark index (TASI) rose 0.6%, marking its eighth consecutive session of gains.
The increase was driven by a 1.7% rise in Al Rajhi Bank and a 0.7% gain in Saudi National Bank, the top lender in the region.
“The Saudi stock market continued its positive momentum on hopes of better-than-expected second-quarter results,” said Mazen Salhab, Chief Market Strategist MENA at BDSwiss.
Dubai’s main share index (DFMGI) climbed 0.3%, supported by a 1.6% increase in Dubai Islamic Bank, a sharia-compliant lender. In contrast, the Abu Dhabi index (FTFADGI) finished flat.
Salhab noted that oil prices could continue to support regional markets, particularly in Saudi Arabia and Abu Dhabi, as long as the uptrend persists.
Oil, a crucial driver for the Gulf’s financial markets, maintained its position as downward pressure from a stronger U.S. dollar and concerns about demand in China were balanced by strong demand elsewhere and OPEC+ supply restraint.
Qatar’s benchmark index (QSI) edged up 0.2%, bolstered by a 0.5% rise in Qatar National Bank, the Gulf’s largest lender.
Meanwhile, the Bahrain bourse (BAX) closed 0.2% higher, though the session ended early due to technical issues.
Outside the Gulf, Egypt’s blue-chip index (EGX30) fell 0.3%, dragged down by a 2.6% decline in EFG Holding.
Overall, the Gulf markets showed resilience amid global uncertainties, with oil prices and corporate earnings playing a significant role in investor sentiment.
The assassination attempt on Donald Trump remains a critical factor in the political landscape, influencing market dynamics.