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US debt deal drives GCC bourses

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ABU DHABI, 4th June, 2023 (WAM) — Most Gulf stock markets closed higher after the U.S. Congress adopted a debt ceiling agreement to prevent a government default in the world’s biggest economy.

Before its weekend, Index FADGI in Abu Dhabi closed in positive territory, 0.424% up, on Friday, one day after the US Senate passed the bill. The country’s main lender, FAB, was among the best performers, and closed 1.579% up. , followed by ADNOC Drilling Company, which ended the session 1.370% higher at AED3.7.

The benchmark index for Saudi Arabia (.TASI) today increased 1.9%, supported by gains of 2.5% in Al Rajhi Bank (1120.SE) and 3.8% in Riyad Bank (1010.SE), Reuters reported.
The index (.QSI) in Qatar ended the day 1.8% higher, with nearly all of the stocks closing in the green, including Qatar Islamic Bank (QISB.QA), which increased by 2.1%.

Hatem Mohamed

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