Major stock markets in the Gulf rose in early trading on Wednesday as investors shrugged off concerns about the ongoing negotiations to raise the US government’s debt ceiling.
Sharjah 24 – Reuters:
Gulf stock indices rose in early trading on Wednesday, as investors ignored concerns about the ongoing negotiations to raise the US government’s debt ceiling.
US President Joe Biden and Republican House Speaker Kevin McCarthy are in crucial talks about raising the government debt ceiling, and the government could default on its debt after just over two weeks.
The Saudi index rose 0.2%, thanks to a 1.8% rise in the share of the National Bank of Saudi Arabia, the country’s largest bank, but the index is on its way to ending a 3-day series of gains.
On the other hand, Saudi Aramco shares lost 0.9%, with shares trading without the right to distribute profits.
The Dubai index rose 0.7%, with Emaar Properties rising 1.4% and Emirates Central Cooling Systems Corporation, Empower, 2.4%.
Separately, a new Dubai institution focusing on family-owned businesses, which are a key component of the emirate’s economy, said on Tuesday it would support the growth of those businesses and help them survive through the generational transition of leadership.
Economic consultancy KPMG said in a report last year that family-owned businesses contribute 60 percent of the UAE’s gross domestic product and account for 80 percent of its workforce.
In Abu Dhabi, the index increased 0.2%.
The Qatari index also rose 1.3%, and most stocks were high, including Qatar National Bank, the largest Gulf bank, which rose 2.9% after media reports stated that the Gulf state plans to boost the stock market to attract foreign investors.