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Gulf markets rise on higher oil

prices; US data in focus

By Md Manzer Hussain
March 14, 20246:04 PM GMT+4Updated 16 hours ago

An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab
Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Purchase Licensing Rights, opens new tab

March 14 (Reuters) - Most stock markets in the Gulf rose on Thursday in line with
global peers and firmer oil prices, while investors awaited a raft of economic data,
ahead of the Federal Reserve's meeting next week.

Oil price - a catalyst for the Gulf's financial markets- gained, supported by strong U.S.
demand outlook, and heightened geopolitical risk, with Brent rising 0.9% to $84.76 a
barrel by 1418 GMT.

Dubai's benchmark index (.DFMGI), opens new tab advanced 0.7%, supported by gains
in almost all sectors with Emirates NBD (ENBD.DU), opens new tab, the Emirate's
largest lender, and tolls operator Salik Company (SALIK.DU), opens new tab both rising
2%.

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Dubai's Parkin, which oversees public parking operations in the Emirates,
has raised 1.57 billion dirhams ($427.5 million) after pricing its IPO at the top of its
range at 2.1 dirhams per share. Parkin is expected to start trading on March 21.

The Qatari benchmark index (.QSI), opens new tab was up 0.6%, lifted by gains in
almost all sectors with Qatar National Bank (QNBK.QA), opens new tab, the region's

https://www.reuters.com/world/middle-east/gulf-markets-rise-higher-oil-prices-us-data-focus-
2024-03-14/