Gulf stock markets recorded gains following the adoption of a debt ceiling agreement by the U.S. Congress to avert a government default in the world’s largest economy.
In Abu Dhabi, the FADGI Index closed higher by 0.424% on Friday, following the passage of the bill by the US Senate. Notably, the leading lender FAB saw a positive performance, closing 1.579% higher, while ADNOC Drilling Company ended the session with a 1.370% increase, reaching AED3.7.
Saudi Arabia’s benchmark index, TASI, rose by 1.9%, bolstered by a 2.5% gain in Al Rajhi Bank and a 3.8% increase in Riyad Bank, according to Reuters.
Meanwhile, Qatar’s index, QSI, closed the day with a 1.8% gain, as nearly all stocks ended in positive territory. Qatar Islamic Bank saw a rise of 2.1% in its value.