Gulf stock markets ended 2024 with mixed performance, as some markets recorded slight gains despite declining oil prices. However, the Dubai Financial Market stood out with a strong recovery in annual performance.
Annual Performance of Gulf Markets
In Saudi Arabia, the main index rose by 0.3% today, helping the market achieve a 0.6% gain for the year. The rise in Al Rajhi Bank shares played a role in this improvement.
In Dubai, the index saw an additional jump of 0.1% today, reaching its highest levels since 2014. With Emirates NBD shares rising by 1.2%, the Dubai index recorded gains exceeding 27% for 2024, outperforming other regional markets.
However, Abu Dhabi witnessed a decline in its index by 1.7%, reflecting the market’s weak performance for the second consecutive year.
Oil and Its Impact on Markets
The decline in oil prices remained a key factor in the Gulf markets’ results for 2024. Despite this decline, oil prices saw a slight improvement in the year’s final sessions thanks to positive economic data from China.
Qatar and Kuwait Markets
In Qatar, the index advanced by 0.8% due to a 1% rise in Qatar National Bank shares. However, the index recorded annual losses of 3.2%.
On the other hand, the Kuwaiti market was the strongest among Gulf markets, with the index rising by 4.8% in 2024.
Other Regional Markets
In Oman, the index recorded annual gains of 1.4%, while in Egypt, the Egyptian market achieved a significant increase of 20% in its annual index, indicating a strong recovery in the Cairo Stock Exchange despite economic challenges.
Major Stock Movements
Shares of major companies in the Gulf region, such as Emaar Properties, were the key drivers in boosting market indices. Emaar achieved massive jumps, outperforming other stocks.
Conclusion
Despite the mixed performance among Gulf markets, the Dubai index shone exceptionally thanks to the movements of major company stocks and a slight rise in oil prices.