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Variation in Gulf financial markets continues amid local stimuli

The third consecutive week witnessed divergence in the performance of financial market indices across Gulf Cooperation Council (GCC) countries. This divergence is attributed to reduced influence from overarching geopolitical and economic factors, with indicators increasingly responsive to local stimuli and technical movements.

Notably, three financial markets – Kuwait, Qatar and Saudi Arabia, — experienced growth, while others, including the UAE markets of Abu Dhabi and Dubai, as well as the Muscat and Manama markets, declined, reports Al-Jarida daily.

Kuwait Stock Exchange — Kuwait’s Stock Exchange indices demonstrated positive growth, with the general market index rising by 1.10 percent and the first market index by approximately 1.10 percent. The 50 main index recorded a smaller gain of 0.53 percent, nearing the 6,000-point mark.

The Qatari Market Index — Leading the gainers, the Qatari market index edged closer to the 10,000-point mark, closing at 10,303.24 points after a 1.46 percent increase.

Despite a reduction in profits compared to the previous year, 33 companies recorded growth, mitigating losses for the year to 4.3 percent.

Saudi Market Index — Following closely, the Saudi market index grew by 1.20 percent, closing at 12,634.33 points. Despite ongoing annual result announcements, the market saw an overall decline in profits, primarily attributed to basic materials companies.

Activity in the financial markets saw a slight decline, with liquidity decreasing by 18.67 percent and the number of transactions dropping by 5.12 percent.

Notably, 48 Kuwaiti companies announced their annual results, contributing to an overall growth of 31 percent compared to the previous year.

Four indicators recorded losses during the week, with the Abu Dhabi Market Index experiencing a decline of 1.56 percent. Similarly, the Muscat Market Index and the Manama market index saw losses of 1.27 percent and 0.84 percent, respectively. The Dubai Financial Market Index also recorded a loss of 0.77 percent.

Despite these losses, positive growth was observed in various sectors, with a significant number of companies announcing increased profits, underscoring resilience and opportunities within Gulf financial markets.



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