A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed
Most stock markets in the Gulf region traded higher in early trade on Wednesday, with the Saudi index gaining after five straight sessions of losses.
Oil prices, a key catalyst for the Gulf’s financial markets, rose over $1, bouncing back after earlier declines, as Russia’s invasion of Ukraine continues to stoke volatile trading with ceasefire talks the latest market trigger.
Brent futures were up 97 cents, or 1%, at $100.88 a barrel at 0503 GMT.
Ukrainian President Volodymyr Zelenskiy said in a video address released earlier in the day that the positions of Ukraine and Russia at peace talks were sounding more realistic, but more time was needed. read more
Saudi Arabia’s benchmark index <>TASI> advanced 0.6%, with Etihad Etisalat (Mobily) (7020.SE) jumping nearly 10%.
The jump in Mobily’s stock comes after the United Arab Emirates telecoms group e& (ETISALAT.AD) made an offer to increase its stake in Mobily to 50% and one share. read more
Shares of e& were up more than 1%.
Other telecoms companies including Mobile Telecommunications Company Saudi Arabia (7030.SE) and Atheeb Telecom (7040.SE) also boosted the kingdom’s main index.
Dubai’s main share index (.DFMGI) edged 0.2% higher, helped by a 4% increase in Islamic Arab Insurance Co (SALAMA.DU) and a 2% increase in Amlak Finance (AMLK.DU).
The Abu Dhabi index (.ADI) added 0.3%.
Qatar stocks (.QSI) dipped 0.4%, with petrochemical maker Mesaieed Petrochemical (MPHC.QA) falling 5.1% after shareholders approved an amendment raising 100% foreign ownership.
Reporting by Karina Dsouza in Bengaluru; Editing by Rashmi Aich
This article was originally published by Reuters.
Ghada Ashour, who grew up in Gaza, becomes fifth scholar selected for FIA’s flagship scholarship initiative Dubai, UAE, 8th December, 2025: The FIA’s United Against Online Abuse (UAOA) Campaign has welcomed Ghada Ashour, a 24-year-old student from Palestine, to its flagship scholarship programme, created to empower the next generation of researchers in the fight against online abuse in sport. Ghada grew up in Gaza where she has been studying remotely until gaining her place on the UAOA scholarship, which brought her to Dublin City University (DCU), Ireland. Becoming the fifth scholar to join the scholarship, she was selected based on her interests in social media, and her strong passion for advancing insights in this area for the benefit of everyone participating in sport. Launched in 2023, the programme offers talented students and young professionals from diverse backgrounds the opportunity to engage in cutting-edge research on the impact, prevalence, and prevention of online abuse in sport with a focus on developing practical solutions. Funded by the FIA Foundation, the UAOA scholars have been selected to undertake invaluable research at DCU based on their project proposals, dedication to achieving positive social change, and their unique perspectives approaching this issue. Ghada’s thesis, which will be printed in English and translated into Arabic, will focus specifically on the …
Dubai’s property market has moved beyond the “hot market” phase into a new era of…
Busy November drives deals to new high of 19,016 so far Dubai, UAE, 3rd December,…
Dubai-based Invictus Investment has quietly done something strategically loud. The agrifood and FMCG trader announced…
Abu Dhabi — For decades, commentators have blamed a perceived “knowledge deficit” for parts of…
Dubai has announced a massive 22-million-sq-ft Auto Market with 1,500 showrooms, a DP World–led project…