Gulf stock markets showed a mixed performance on Thursday, May 1, 2025, influenced by declining oil prices and weaker U.S. GDP data. The U.S. economy's contraction in the first quarter, driven by increased imports to avoid tariffs, heightened concerns. However, Saudi Arabia's economy grew in the first quarter, supported by activity in the non-oil sector as the kingdom continues to diversify away from hydrocarbons.
Saudi Arabia's benchmark index decreased by 1.1%, impacted by a drop in Al Rajhi Bank and Saudi National Bank. Oil giant Saudi Aramco also experienced a decrease. Oil prices, crucial for Gulf financial markets, declined further due to potential Saudi production increases and the U.S. economic contraction.
Market Performance
Dubai's main share index fell by 0.7%, with Commercial Bank of Dubai declining 8.9%. Abu Dhabi's index rose slightly by 0.2%, supported by an increase in International Holding. Qatar's benchmark eased 0.1%, with Industries Qatar retreating 2.9%. Outside the Gulf, Egypt's blue-chip index increased by 0.3%, with Commercial International Bank gaining 1.3%.
Specifically, Saudi Arabia lost 1.1% to reach 11,544, while Abu Dhabi rose 0.2% to 9,556. Dubai fell 0.7% to 5,273, and Qatar eased 0.1% to 10,448.