On November 20, 2024, Gulf stock markets displayed varied performances as investors navigated ongoing geopolitical uncertainties. While most bourses experienced declines, Dubai's index reached a significant milestone, hitting its highest level in over a decade.
Dubai Financial Market (DFM):
Dubai's benchmark index rose by 0.6%, closing at 4,761 points, its highest in more than ten years. This uptick was primarily driven by gains in the financial and real estate sectors. Emirates NBD, the emirate's largest lender, saw a 2.8% increase, while Dubai Financial Market, the operator of the exchange, surged by 4.5%, marking its sharpest daily rise in over 18 months.
Abu Dhabi Securities Exchange (ADX):
The Abu Dhabi benchmark index eased by 0.2%, influenced by a 0.8% drop in International Holding Company and a 0.9% decline in First Abu Dhabi Bank, the UAE's largest lender. Additionally, Abu Dhabi National Hotels and its catering arm, ADNH Catering, fell by 1.6% and 1%, respectively.
Saudi Stock Exchange (Tadawul):
Saudi Arabia's benchmark index decreased by 0.1%, ending a three-session gaining streak. Sectors across the board were mostly in the red, with Saudi Arabian Mining falling by 1.1% and Jabal Omar Development slipping by 2.3%. However, Knowledge Tower Trading surged by 7.2% to 11.62 riyals per share, its highest level since its listing in November 2022, following the board's decision to transfer it to the main market.
Qatar Stock Exchange (QSE):
Qatar's benchmark index edged up by 0.1%, with Qatar National Bank, the region's largest lender, adding 0.5%, and Ooredoo gaining 1.5%. The market exhibited early choppy trading but managed to close slightly higher.
Egyptian Exchange (EGX):
Outside the Gulf, Egypt's blue-chip index declined by 0.3%, marking its fourth consecutive session of losses. The majority of stocks were in the red, with Eastern Company dropping by 1.6% and EFG Holding sliding by 1.2%. Market participants appeared to be securing liquidity ahead of United Bank's upcoming initial public offering.
Overall, the mixed performances across Gulf stock markets reflect investor caution amid ongoing geopolitical tensions. While Dubai's market demonstrated resilience with significant gains, other regional bourses faced declines, underscoring the complex economic landscape influenced by both regional and global factors.
