Most of the major Gulf markets recovered today, Thursday, as investors appeared to exceed expectations of tightening monetary policy aimed at combating inflation, and bet on improved expectations for oil demand in the long term.
The International Energy Agency said on Wednesday that global demand for fuel is expected to grow strongly next year as China eases restrictions to combat COVID-19.
The Abu Dhabi index recovered after a slight decline in the previous session, when the longest period of rise recorded in a month stopped, and it increased 0.5%.
The Abu Dhabi Energy Company (TAQA) share rose 14.7%, after recording a similar rise in the previous session, following the Multiplay Group's acquisition of a 7.3% stake in the company in an agreement worth ten billion UAE dirhams ($2.72 billion), and the Multiply Group stock increased by 14.6%.
The leading real estate sector stocks led the gains in the Dubai Stock Exchange, as its index rose 0.9%.
The UAE is expected to gain from China, the UAE's largest trading partner, easing restrictions to combat COVID-19.
The Qatar Stock Exchange index rose 1.3%, supported by a sharp increase in natural gas prices, but the Saudi Stock Exchange index fell 0.5%, and the banking and petrochemical sector stocks came at the forefront of losses, with the market remaining exposed to the volatile energy markets.
The Egyptian Exchange index fell 1.1%, falling for the third day in a row, due to continuing concerns related to the prospects for global economic growth.
Source: Reuters
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