Gulf stock markets started Tuesday on a positive note, buoyed by a 0.5% rise in oil prices, with Brent crude trading at $72.17 per barrel by 0740 GMT. However, escalating tensions in the Middle East tempered investor optimism.
Saudi Arabia’s benchmark index (.TASI) climbed 0.2%, bolstered by broad sectoral gains. Al Khaleej Training (4290.SE) saw a significant boost, surging 4% after announcing a non-binding memorandum of understanding to operate an educational complex in Jeddah. Insurers Malath (8020.SE) and Liva (8280.SE) gained 1.7% and 0.2%, respectively, following news of a preliminary merger agreement.
United International Holding Company (4083.SE), a consumer finance services provider, made an impressive debut on the Saudi market, with its shares soaring 30% to 171.6 riyals, well above its IPO price of 132 riyals. Meanwhile, the kingdom’s non-oil business sector posted its fastest growth since July 2023, fueled by strong domestic demand.
Elsewhere in the Gulf, Qatar’s benchmark index (.QSI) edged down 0.1%, with key players Industries Qatar (IQCD.QA) and Qatar Fuel (QFLS.QA) losing 0.3% and 0.5%, respectively. Despite the downturn, QatarEnergy inked a significant long-term LNG supply agreement with Shell for deliveries to China, highlighting the nation’s ongoing energy ambitions.
