Gulf markets regain momentum on hopes of reduced Gulf tension

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Gulf markets regain momentum on hopes of reduced Gulf tension

On Sunday, the 1st of December 2019, a basket of Gulf bourses had wrapped up the markets with solid gains as investors’ optimism spurred up following release of a media headline that Qatar’s foreign minister would travel to Riyadh, which in effect had every potentiality to ease a rancorous drift between multiple Gulf states.

In point of fact, Sunday’s (December 1st) Gulf market rally was almost entirely galvanized over hopes that tensions among the Gulf states might be eased following Qatar’s foreign minister’s visit to the Kingdom of Saudi Arabia, while a Sunday (December 1st) comment from Iraqi Energy Minister that OPEC+ nations were considering an option to curb crude oil output further, had added to investors’ optimism.

More importantly, since a majority of Gulf superpowers such as United Arab Emirates, Saudi Arabia and Egypt had slashed trade links with Qatar over charges that Doha was funding terrorism across the globe, while a surprise visit of Qatari foreign minister to Riyadh would likely to support Gulf markets further this week, suggested analysts.

Citing statistics, on Sunday’s (December 1st) Gulf market wrap-up, Saudi added 0.6 per cent, Qatari bourse rose by 0.4 per cent, while Bahrain gained 0.4 per cent and Kuwaiti bourse rocketed 1.8 per cent. Elsewhere in the Gulf, Egypt shed 0.5 per cent, while Oman rounded off the day 0.3 per cent higher.