Gulf Stock Exchange Update: US Inflation Data and Global Oil Demand Analysis

Most Gulf stock exchanges closed lower yesterday under pressure from leading companies ahead of the release of US inflation data.
According to Reuters, the Dubai index fell 0.2 percent, affected by a 2.3 percent drop in Emaar Properties shares.
The Abu Dhabi index also fell 0.1 percent. For about a week, the Abu Dhabi Stock Exchange has witnessed limited movements amid a state of uncertainty. Muhannad Al-Taniji, founder of Wealth Training Center and Matrix Artificial Intelligence Applications Company, said: The main index stabilized after recovering at the beginning of the month.
He added that while ADNOC Drilling revealed strong profits, the impact on the larger market remained limited, but it may help improve morale. ADNOC Drilling shares rose 1.7 percent at the close after the company recorded a sharp increase in its profits for the third quarter.
The Qatar index fell 0.2 percent after the share of Qatar National Bank, the largest Gulf bank, fell 1.8 percent.
Oil prices, which are usually a catalyst for Gulf financial markets, rose after the International Energy Agency yesterday raised its expectations for the growth of global oil demand in the current and next years.
The Organization of the Petroleum Exporting Countries (OPEC) slightly raised its expectations for growth in global oil demand in 2023 yesterday and stuck to its relatively high expectations for 2024.
The Muscat index rose 0.3 percent at 4,576 points, supported by the “Al Madina Investment” stock, which rose 8.1 percent, and the rise of “Oman Finance” 6.7 percent.
The Bahrain index increased 0.2 percent to 1,938 points, with the Arab Banking Corporation’s stock growing 3.6 percent, and Al Salam Bank 1 percent. Zain Bahrain shares also rose 1.6 percent, and Bahrain Telecommunications Company rose 0.8 percent.
The Kuwait index fell 0.2 percent to reach 7,180 points.
In Cairo, the main index of the Egyptian Stock Exchange fell 0.2 percent.
2023-11-14 22:59:55
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