Manama
\nMost stock markets in the Gulf ended higher on Tuesday, concluding the year with meagre gains amid weak oil prices, although the Dubai index outshone its peers.
\nSaudi Arabia\u2019s benchmark index (.TASI), opens new tab gained 0.3%, with Al Rajhi Bank (1120.SE), opens new tab rising 0.8%.
\nThe Saudi index was up 0.6% for the year 2024.
\nDubai\u2019s main share index (.DFMGI), opens new tab closed 0.1% higher, hitting its highest since May 2014, helped by a 1.2% rise in top lender Emirates NBD (ENBD.DU), opens new tab.
\nThe Dubai index notched a yearly gain of over 27% – its biggest since 2021 – outperforming its Gulf peers on the back of real estate division.
\nElsewhere, blue-chip developer Emaar Properties (EMAR.DU), opens new tab, which finished flat on the day, registered annual gains of over 60%.
\nIn Abu Dhabi, the index (.FTFADGI), opens new tab was down 1.7% for 2024, posting a second consecutive yearly loss.
\nOil prices – a catalyst for the Gulf\u2019s financial markets – were on track for a second consecutive year of losses, although they rose on the day after data showed China\u2019s manufacturing activity expanded in December.
\nThe Qatari benchmark (.QSI), opens new tab advanced 0.8%, led by a 1% rise in the Gulf\u2019s biggest lender Qatar National Bank (QNBK.QA), opens new tab.
\nHowever, the Qatari index posted a yearly loss of 3.2%.
\nElsewhere, the Kuwaiti index (.BKP), opens new tab was up 4.8% for the year, while the Omani index (.MSX30), opens new tab increased 1.4% in 2024.
\nInvestors will also be watching the U.S. Federal Reserve\u2019s rate cut outlook for 2025 after central bank policymakers earlier this month projected a slower path due to stubbornly high inflation.
\nThe Fed\u2019s decisions impact monetary policy in the Gulf, where most currencies are pegged to the U.S. dollar.
\nOutside the Gulf, Egypt\u2019s blue-chip index (.EGX30), opens new tab climbed 1.4%, as most of its constituents were in positive territory including Talaat Moustafa Holding (TMGH.CA), opens new tab, which was up 4.4%.
\nThe Egyptian index ended about 20% higher for the year.
\nIn the previous year, the index gained more than 70%, helped by investors hedging against high inflation and a weak domestic currency.<\/p>\n","protected":false},"excerpt":{"rendered":"
Manama Most stock markets in the Gulf ended higher on Tuesday, concluding the year with meagre gains amid weak oil prices, although the Dubai index outshone its peers. Saudi Arabia\u2019s benchmark index (.TASI), opens new tab gained 0.3%, with Al Rajhi Bank (1120.SE), opens new tab rising 0.8%. The Saudi index was up 0.6% for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-452863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n