Page 73 - SALIK PR REPORT SEPTEMBER 2024

9/25/24, 10:41 AM Newswire - MIDEAST STOCKS-Most Gulf markets gain in line with oil, Asian shares
MIDEAST STOCKS-Most Gulf markets gain in

line with oil, Asian shares

| Tue, 24 Sep 2024 04:30:06 GMT

Sept 24 (Reuters) – Most major stock markets in the Gulf rose in early trade on Tuesday in line with oil
prices and Asian shares buoyed by broad stimulus measures from China, although geopolitical
tensions in the region limited gains.
Oil prices – a catalyst for the Gulf’s financial markets -rose on news of monetary stimulus from top
importer China and concerns that tensions in the Middle East could hit regional supply, while a major
hurricane loomed over the United States, the world’s biggest crude producer.
China’s central bank unveiled its biggest stimulus since the pandemic to pull the economy out of its
deflationary funk and back towards the government’s growth target, but analysts warned more fiscal
help was vital to hit these goals.
Saudi Arabia’s benchmark index advanced 0.7%, with aluminium products manufacturer Al Taiseer
Group rising 0.9%.
Elsewhere, oil giant Saudi Aramco gained 0.4%.
Dubai’s main share index added 0.6%, with toll operator Salik Co jumping 3.5%.
In Abu Dhabi, the index edged 0.1% higher.
Advertisement

Israel’s military said on Tuesday it struck dozens of Hezbollah targets in southern Lebanon overnight,
a day after it launched a wave of airstrikes against the Iran-backed group’s sites in Lebanon’s
deadliest day in decades.
Hezbollah on Tuesday morning said it had attacked several Israeli military targets, including an
explosives factory 60 km (37 miles) into Israel, with the Fadi series of rockets.
The Qatari benchmark fell 0.2%, hit by a 0.3% fall in the Gulf’s biggest lender Qatar National Bank.
(Reporting by Ateeq Shariff in Bengaluru; editing by David Evans)
(c) Copyright Thomson Reuters 2024. Click For Restrictions –
https://agency.reuters.com/en/copyright.html
Advertisement

https://www.cnbcafrica.com/wire/650317/ 1/1