GCC stock markets show mixed performance

By George Khoury

GCC stock markets exhibited mixed performances today, influenced by ongoing geopolitical tensions in the region and anticipation of the Federal Reserve's FOMC meeting minutes. 

The Saudi stock market displayed some volatility and a relatively limited performance. The market saw mixed performances in the telecommunications sector. Etihad Etisalat experienced a decline despite a significant 35% rise in profits and an initial jump in the stock price at the beginning of the trading session. Overall, the Saudi remained on a positive course and could see further gains, buoyed by robust earnings and dividend distributions.

The Dubai stock market, on the other hand, declined, with several major stocks in the red as investors moved to secure their gains. While they remained cautious before the release of the Federal Reserve’s minutes, the stock market could maintain a bullish outlook, supported by strong fundamentals.

In Abu Dhabi, the stock market continued its bearish trend, led by declines in the banking sector, with First Abu Dhabi Bank among the most affected. The market remains under pressure from geopolitical uncertainties and oil price volatility as well as caution regarding interest rate expectations.

The Qatari stock market experienced an uptick today, building on its positive momentum from earlier in the week, amid positive performances across the banking sector. The market’s upward trajectory could remain exposed to the geopolitical tensions in the region and uncertain energy prices.