GCC stock markets rebound in July on strong earnings and global recovery

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LONDON: Most Gulf stock markets rose in early trading on Monday, extending gains from the previous session ahead of this week’s meeting of officials from OPEC and other major oil producers on oil adjustments. offer.

OPEC and its allies, a group known as OPEC+, will consider keeping oil production unchanged for September when they meet next week despite calls from the United States for more supplies, although a modest increase in production is also likely to be discussed, Reuters reported on Thursday. , citing eight sources

Crude prices, a key catalyst for Gulf financial markets, soared in 2022 to their highest level since 2008, topping $139 a barrel in March after the United States and Europe imposed sanctions on Russia for his invasion of Ukraine.

Prices have since fallen to just over $100 a barrel, with soaring inflation and rising interest rates raising fears of a recession that would erode demand.

Saudi Arabia’s benchmark index gained 0.6%, with Retal Urban Development Co up 0.7% and Al Rajhi Bank up 0.6%.

The kingdom’s gross domestic product rose 11.8% in the second quarter compared to the same period in 2021, the government showed early estimates on Sunday, as the world’s top oil exporter benefited from higher energy prices .

Growth was largely driven by a 23.1% increase in oil activities, the General Statistics Authority said, while non-oil activities rose 5.4%.

Dubai’s main stock index gained 0.6%, led by a 1.5% gain in major lender Emirates NBD and a 0.4% increase in blue-chip developer Emaar Properties.

In Abu Dhabi, shares rose 0.4%, helped by a 0.3% rise in First Abu Dhabi Bank, the UAE’s biggest lender.

The Qatari index rose 1%, buoyed by a 2.2% jump from Qatar Islamic Bank and a 1.9% gain from Qatar National Bank, the Gulf’s biggest lender.

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