The rise of oil supported the performance of the region’s markets
Dubai – Al Arabiya.net
Posted on: July 02, 2023: 12:46 PM GST Last updated: July 02, 2023: 02:05 PM GST
The Gulf stock markets recorded a positive performance in the first half of 2023, supported by the improvement in oil prices.
The Saudi stock market index increased by 9.36% in the first half of this year, while the Dubai market index rose by 13.67%.
The Abu Dhabi index recorded an increase of 7.93%, and the first market index on the Kuwaiti Stock Exchange increased by 3.6% in the first half of the year.
The Muscat index rose 1.84% during the period, while the Qatar and Bahrain indices rose by 5.68% and 3.3%, respectively.
For his part, Thamer Al-Saeed, head of asset management at Rasanah Finance, said that the banking sector shares in the Saudi market managed to carry the market in the last period, at a time when petrochemical shares declined.
Al-Saeed added, in an interview with Al-Arabiya, that the Saudi stock market is about to start the promotion cycle for the stocks of the basic materials sector, due to expectations of an increase in demand for products.
Al-Saeed indicated that there is an internal demand for other materials in the basic materials sector system, expecting a growth in the profits of companies that did not participate in the first half of this year, to stimulate the performance of the Saudi market in the second half.
As for US stocks, the Dow Jones Industrial Average increased by 3.8% in the first half, while the S&P increased by 15.91%, and the Nasdaq rose by 31.73%.
Brent crude prices increased by 12.2% in the first half of the year, while US Nymex crude increased by 11.99%.
2023-07-02 08:46:00
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