On Monday, Abu Dhabi surged ahead of other Gulf stock markets as investor confidence was strengthened by strong Chinese economic data and an increase in crude prices. China’s factory output and retail sales for January–February surpassed expectations, signalling a strong start to 2024.
Abu Dhabi’s main stock index, .FTFADGI, soared by 6.2%, marking its highest intraday surge in almost four years. First Abu Dhabi BankFAB.AD, led the charge with a 1.4% increase, while E7 E7.AD and National Marine Dredging NMDC.AD rose by 4.6% and 1.5%, respectively.
Mazen Salhab, BDSwiss’s chief market strategist for MENA, attributed ADX’s growth to gains in commodities and also emphasised Abu Dhabi’s appeal to affluent and permanent-residence investors.
In Qatar, the benchmark index .QSI rose by 0.3%, supported by Qatar Gas Transport QGTS.QA climbing 2% and Industries Qatar IQCD.QA gaining 0.5%. Oil prices, crucial for Gulf markets, rose, with Brent LCOc1 reaching $85.8 a barrel by 0740 GMT.
However, SA’s benchmark index .TASI dipped by 0.2%, dragged down by Saudi Arabian Mining 1211.SE and Riyad Bank 1010.SE. Meanwhile, Dubai’s main index .DFMGI fell by 0.4%, with Salik Company SALIK.DU dropped 3.2%, and Emirates NBD ENBD.DU slipping by 0.6%.
