Abu Dhabi, UAE – Most Gulf stock markets rose, buoyed by easing geopolitical concerns about a potential confrontation between the US and Iran.
Strong financial results from several major companies also contributed to the gains. This boosted investor risk appetite.
The gains followed confirmation from both Washington and Tehran of their commitment to continuing talks. Both sides described the discussions as positive.
This eased concerns about a possible military escalation in the Middle East. The US military buildup in the region continues.
In Dubai, the benchmark index extended its winning streak to a sixth consecutive session. It rose 1.3% to 6,774 points. This is its highest level since 2006.
Emaar Properties shares jumped 2.8%, while Dubai Investments shares climbed 4.3%.
Samer Hassan, senior market analyst at XS.com, said that Dubai is currently benefiting from a strong combination of high liquidity. Booming sectors are also supporting the market.
In Abu Dhabi, the index rose 0.6%, supported by gains in the consumer goods, real estate, and consumer sectors.
Aldar Properties shares jumped 5.2% to AED 10.86, their highest level in over 17 years.
This followed the company’s announcement of a 49% increase in fourth-quarter profit. There was also a proposal for a higher annual cash dividend.
Americana Restaurants shares also surged 14.7%. This was their biggest daily gain since listing in 2022.
This was fueled by a 38% increase in annual profit. The signing of a new expansion agreement also played a role.
In Qatar, the index closed 0.8% higher with gains across all stocks. Meanwhile, the Saudi index slipped 0.2% due to declines in leading shares.
Performance was mixed in the rest of the Gulf markets. Outside the region, the Egyptian index rose 0.5%. This was supported by gains in the telecommunications and consumer goods sectors.
