Page 274 - SALIK ENGLISH PR REPORT NOVEMBER 2024

11/26/24, 2:25 PM Major Gulf markets gain in early trade; Saudi falls - Markets - Business Recorder
Dubai’s main share index advanced 0.7%, led by a 2% rise in blue-chip developer Emaar

Properties and a 2.2% increase in toll operator Salik. The Abu Dhabi index was up 0.4%.

In Qatar, the index added 0.3%, with Qatar Islamic Bank rising 0.9% and petrochemical

maker Industries Qatar up 0.5%.

MSCI’s broadest index of Asia-Pacific shares rose following US President-elect Donald

Trump’s selection of fund manager Scott Bessent as the next US Treasury secretary, with

investors expecting he will be a voice for markets in Washington.

Most Gulf markets gain on oil; Egypt falls

Saudi Arabia’s benchmark index dropped 0.5%, weighed down by a 1.5% fall in Al Rajhi

Bank and a 1.7% decline in Saudi Arabian Mining Company.

Oil prices - a catalyst for the Gulf’s financial markets - retreated following 6% gains last

week, but remained near two-week highs as geopolitical tensions grew between Western
powers and major oil producers Russia and Iran, raising risks of supply disruption. Saudi

Arabia’s energy index eased 0.2%.

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