MIDEAST-STOCKS-Gulf stocks track global rally on AI optimism, firm oil prices lend support

Reuters
2025.11.20 14:12
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Gulf stock markets rose, tracking global gains after Nvidia's strong earnings eased AI bubble concerns, and firm oil prices provided support. Dubai's index increased by 0.8%, led by Emaar Properties and Dubai Islamic Bank. Abu Dhabi's index rose 0.3%, with Presight AI Holding jumping 9.7%. Saudi Arabia's index edged up 0.1%, while Qatar's index fell 1.3%. Egypt's index dropped 0.5%. The U.S. approved AI semiconductor sales to Emirati firm G42 and Saudi-backed Humain.

By Md Manzer Hussain

Nov 20 (Reuters) - Most Gulf stock markets ended higher on Thursday, tracking global peers after Nvidia’s (NVDA.O) strong earnings and upbeat forecast eased concerns about a potential AI bubble, while firmer oil prices also provided support.

Oil, a key driver for Gulf financial markets, rose after a bigger-than-expected draw in U.S. crude inventories and a renewed push to end the Russia-Ukraine war. Brent crude was up 1% at $64.1 a barrel by 1300 GMT.

Dubai’s benchmark stock index (.DFMGI) added 0.8% after two straight sessions of losses, supported by broad-based gains. Blue-chip developer Emaar Properties (EMAR.DU) climbed 2.7%, while Dubai Islamic Bank (DISB.DU) advanced 1%.

The Abu Dhabi benchmark index (.FTFADGI) snapped a six-session losing streak to rise 0.3%, with most sectors advancing, led by technology, telecoms and real estate. Abu Dhabi Commercial Bank (ADCB.AD) gained 3.7%, and Presight AI Holding (PRESIGHT.AD) jumped 9.7%, its biggest intraday gain in nearly five months.

The U.S. Commerce Department said on Wednesday it had approved the sale of advanced AI semiconductors to Presight’s parent G42, an Emirati AI firm, and to Saudi government-backed AI venture Humain.

“Markets saw a rebound as the negative sentiment of the last two days faded and global investors reacted positively to Nvidia’s better-than-expected results,” said Joseph Dahrieh, managing principal at Tickmill.

Saudi Arabia’s benchmark stock index (.TASI) edged up 0.1%, with most sectors posting gains, led by real estate, materials and information technology. Rasan Information Technology (8313.SE) surged 7.4%, while Saudi Arabian Mining Co (1211.SE) (Maaden) advanced 3.6%.

Separately, MP Materials (MP.N) said on Wednesday it would build a rare earths refinery in Saudi Arabia with the U.S. Department of Defense and state-owned Maaden to expand Middle Eastern processing of critical minerals.

The Qatari benchmark index (.QSI) slipped 1.3%, with most stocks declining. Industries Qatar (IQCD.QA) lost 2.2%, while Ooredoo (ORDS.QA) tumbled 5.7%. Ooredoo on Wednesday completed a fully marketed secondary global offering of shares held by Abu Dhabi Investment Authority, with a final offer price of 12.50 riyals per share.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) fell 0.5%, weighed down by a 2.1% drop in Talaat Moustafa Group (TMGH.CA) and a 2.8% decline in Egypt Aluminum (EGAL.CA) .

SAUDI ARABIA (.TASI) up 0.1% to 11,011

KUWAIT (.BKP) up 0.1% to 9,390

QATAR (.QSI) fell 1.3% to 10,608

EGYPT (.EGX30) down 0.5% to 40,302

BAHRAIN (.BAX) lost 0.7% to 2,022

OMAN (.MSX30) rose 0.5% to 5,647

ABU DHABI (.FTFADGI) up 0.3% to 9,885

DUBAI (.DFMGI) gained 0.8% to 5,911

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