Gulf markets close higher on strong corporate performance

Shafaq News/ Stock markets in the Gulf region closed higher on Monday, led by the Saudi index, which rose due to solid company results as investors awaited the Federal Reserve's monetary policy meeting this week for signals on interest rate paths.

The Saudi index ended a five-session losing streak, rising by about 1.1%, marking its highest daily gain in nearly a month with gains in most listed companies' stocks.

Al-Rajhi Bank's stock rose by 1.8% after announcing a 6% increase in its quarterly net profits.

Among the gainers, Saudi National Bank's stock rose by 1.1% after reporting a 0.4% increase in its quarterly net profit.

Qatar's index gained for the second consecutive session, closing up by 0.8%, with Qatar Islamic Bank's stock rising by 1.1% and Qatar Industries' stock by 2%.

Among the gainers, Qatar Gas Transport's stock increased by about 2.4% after its liquefied natural gas shipping company announced a 6.1% increase in its net profits yesterday.

Separately, Qatar Energy, the world's largest producer of liquefied natural gas, signed an agreement with a Chinese shipbuilding company to build 18 massive ships for liquefied natural gas transport at a cost of six billion dollars.

Dubai's index rose by 0.3% supported by gains in the communications, industry, and finance sectors, with Salik Toll System's stock rising by 1.5% and Mashreq Bank's stock by 2.2%.

Abu Dhabi's index rose for the second consecutive session, closing higher by about 0.2%, with Abu Dhabi Islamic Bank's stock rising by about 1.4% and Aldar Properties' stock by 4.1%, marking its highest daily increase in nearly six months.

Aldar Properties' net profit surged by 88% on an annual basis to 1.57 billion dirhams ($427.5 million).

The Federal Reserve's monetary policy meeting is scheduled to begin tomorrow, Tuesday, and end on Wednesday. While the central bank is expected to keep interest rates unchanged, focus will be on the outlook.

Gulf Cooperation Council (GCC) countries usually guide their monetary policies based on the Federal Reserve's actions since their currencies are tied to the dollar.