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3/15/24, 9:51 AM MIDEAST-STOCKS-Gulf markets rise on higher oil prices; US data in focus | Nasdaq
MIDEAST-STOCKS-Gulf markets rise on higher oil prices; US data in focus

Credit: REUTERS/HAMAD I MOHAMMED
March 14, 2024 — 10:01 am EDT
Written by Md Manzer Hussain for Reuters ->

By Md Manzer Hussain
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 LCOc1 rising 0.9% to $84.76 a barrel by 1418
GMT.

Dubai's benchmark index .DFMGI advanced 0.7%, supported by gains in almost all sectors with
Emirates NBD ENBD.DU, the Emirate's largest lender, and tolls operator Salik
Company SALIK.DU both rising 2%.
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 was up 0.6%, lifted by gains in almost all sectors with Qatar
National Bank QNBK.QA, the region's largest lender, rising 0.7% and Qatar Gas
Transport QGTS.QA adding 3%.
In Abu Dhabi, the benchmark index .FTFADGI rose 0.1%, helped by a 1.4% increase in Aldar
Properties ALDAR.AD and a 4.6% surge in ADNOC Drilling ADNOCDRILL.AD.
Saudi Arabia's benchmark index .TASI was up marginally with ACWA Power 2082.SE rising 5.9% and
Saudi Arabian Mining 1211.SE gaining 2.5%.

However, oil major Saudi Aramco 2222.SE and the kingdom's largest lender Saudi National
Bank 1180.SE slipped 2.5% and 2.0% respectively.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United State
is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index .EGX30 rose 1%, ending its two sessions of losses with
almost all sectors in the green.

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