Mideast Stocks: Gulf bourses rise as Saudi index gains for fifth session

Telecom Egypt SAE

24/08/2026 14:08

Update with closing prices, analyst comments and Egypt moves
By Md Manzer Hussain
BENGALURU, Aug 24 (Reuters) - Saudi Arabia's stock market led gains among most Gulf bourses on Monday, as advances in financial, utilities and materials shares extended the previous session's rally despite weaker oil prices.
Oil prices fell by more than $1 a barrel as investors took profits ahead of an expected U.S. announcement on further sanctions on Iran, which could disrupt Middle East supplies. Iran dismissed the U.S. threat and said it would halt all oil exports from the Gulf if what it described as an economic war continued.
Meanwhile, Pakistan's army chief Asim Munir arrived in Iran on Monday for talks, Iranian media reported. Pakistan said the visit was part of efforts to promote regional peace and stability.
Saudi Arabia's benchmark index .TASI gained for a fifth consecutive session and closed 0.9% higher. Al Rajhi Bank 1120.SE rose 1.7%, while petrochemical maker Saudi Basic Industries 2010.SE added 1.6%. ACWA Power 2082.SE advanced 2%.
ACWA Power said on Sunday it had signed 15-year storage-services agreements with Saudi Power Procurement Company for three 500-megawatt battery energy-storage projects in the kingdom. The company will hold an effective 34.9% stake in each project at financial close.
Abu Dhabi's benchmark index .FTFADGI added 0.4%, helped by a 2.3% rise in First Abu Dhabi Bank FAB.AD , the United Arab Emirates' largest lender, and a 2.5% gain in conglomerate Alpha Dhabi Holding ALPHADHABI.AD.
Dubai's main index .DFMGI rose 0.2%, with most sectors advancing. Emaar Properties EMAR.DU added 1.3%, while toll-road operator Salik Company SALIK.DU gained 1.2%.
Qatar's benchmark index .QSI climbed 0.5%, with most of its constituents in positive territory. Qatar National Bank QNBK.QA , the region's largest lender, rose 1.4%, while Mesaieed Petrochemical Holding MPHC.QA gained 2.1%.
"Investors will closely watch the U.S. sanctions announcement and any improvement in shipping conditions in the Strait of Hormuz. Progress in talks could lift sentiment, said Daniel Takieddine, co-founder and chief executive of Sky Links Capital Group.
"While persistent geopolitical risks remain a concern, strong local fundamentals continue to limit downside risks," he added.
Outside the Gulf, Egypt's blue-chip index .EGX30 eased 0.3%, with most shares ending lower. E-Finance EFIH.CA declined 2.6%, while Telecom Egypt ETEL.CA dropped 1.7%.
     
SAUDI ARABIA
.TASI up 0.9% to 11,174
DUBAI
.DFMGI rose 0.2% to 5,866
ABU DHABI
.FTFADGI gained 0.4% to 10,048
QATAR
.QSI advanced 0.5% to 9,741
KUWAIT
.BKP up 0.1% to 9,319
BAHRAIN
.BAX added 0.1% to  1,947
OMAN
.MSX30 fell 0.1% to 7,501
EGYPT
.EGX30 down 0.3% to 55,165
     
     

 (Reporting by Md Manzer Hussain in Bengaluru; Editing by Janane Venkatraman and Tasim Zahid)
 ((mdmanzer.hussain@thomsonreuters.com; +91 8067498453))