Most of the Gulf stocks rise despite weak US data, and “TASI” rises 0.2%
Most of the major Gulf stocks recovered early losses to close slightly higher on Thursday, as investors in the region maintained optimism despite weak US consumer data and global recession fears.
The latest US consumption data renewed fears of a global recession. In addition, Chinese data showed that the world’s second-largest economy grew by only 2.9% in the fourth quarter of last year, the worst performance in nearly half a century.
Oil, which fuels the growth of the region, also recorded a weak performance before recovering slightly, bringing Brent crude futures to $ 85.34 a barrel by 14:15 GMT, according to Reuters.
The Saudi index rose 0.2%, supported by a 2.1% rise in the share of the Arab National Bank.
Oil giant Saudi Aramco rose 0.2%.
The Dubai index rose 0.1%, supported by a 2% jump in shares of the Emirates Central Cooling Systems Company, and a 0.7% rise in Emaar Properties.
The Qatari index also jumped 2.1%, ending losses over seven sessions, with almost all the shares listed on it turning higher. The share of the largest Gulf bank, Qatar National Bank, rose 3.5% after recording losses in most sessions this week.
Outside the Gulf region, the Egyptian index of leading stocks rose 0.5%, continuing its rise since yesterday, Wednesday.
However, the Abu Dhabi index fell 0.5%, affected by the continued decline in the shares of First Abu Dhabi Bank, the largest lender in the country, to close down 0.6%.
