Sunday, July 14, 2024

Dubai leads Gulf markets higher

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Mideast stocks saw gains on Wednesday, with Dubai’s benchmark index surging 1.2%, the highest rise in nearly three months. The rise was driven by strong corporate earnings, particularly from Dubai Islamic Bank, which reported a 24% increase in full-year net profit. Saudi Arabia’s index also gained 0.6%, supported by gains in Al Rajhi Bank and Elm Co. Abu Dhabi’s index advanced 0.3%, with First Abu Dhabi Bank and Abu Dhabi Islamic Bank seeing increases. The Qatari index inched up 0.1%, aided by gains in Qatar National Bank and Qatar International Islamic Bank. The Gulf markets were buoyed by rising oil prices and robust corporate results, with the Dubai index outperforming its peers.

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Local News