Gulf bourses end mixed; Saudi at 15 year high

Stock markets in the Gulf ended mixed on Monday, with the Saudi index extending gains from the previous sessions when it reached its highest in over 15 years.

Saudi Arabia’s benchmark index (.TASI) gained 0.5 per cent, at its highest since July 2006, led by a 1.4 per cent rise in the kingdom’s biggest lender Saudi National Bank (1180.SE) and a 1.8 per cent increase in Saudi Telecom Company (7010.SE).

Oil prices, a key catalyst for the Gulf’s financial markets, were steady as investor bets that global supply will remain tight amid restraint by major producers were offset by a rise in Libyan output.

The Qatari index (.QSI) finished 0.3 per cent higher, led by a 2.4 per cent increase in Qatar National Bank (QNBK.QA).

Last week, the Gulf’s biggest bank reported a 10 per cent increase in annual net profit driven by loan growth.

However, Qatar Islamic Bank (QISB.QA) fell 1.2 per cent, despite reporting a rise in annual profit.

Investors remain cautious while uncertainties remain around the developments in U.S. monetary policy, said Wael Makarem, senior market strategist at Exness.

“Markets in the region have also seen investors move to secure their profits after several increases in the last few days.”

Dubai’s main share index (.DFMGI) fell 0.7 per cent, dragged down by a 2.3 per cent fall in Emirates NBD Bank (ENBD.DU) and a 1.2 per cent decrease in Emirates Integrated Telecommunications (DU.DU).