Middle East Market Wrap 9 September: Gulf Mixed as Brent Tops 100 Dollars, Abu Dhabi Leads and Egypt Rebounds

By The Edge Research Team

Middle East equity markets were mixed on Wednesday even as crude oil pushed above 100 dollars a barrel, with Abu Dhabi’s FTSE ADX General the strongest of the 12 headline benchmarks, up 0.85 percent, and Egypt’s EGX 30 rebounding 0.58 percent, while Saudi Arabia, Dubai and Qatar slipped. Five of the 12 benchmarks we track rose.

Oil above 100 did not lift the producers together

Crude extended the rally that followed the attacks on Saudi energy facilities, with Brent reaching 100.71 dollars and West Texas 95.60 dollars in intraday trading, each up close to 3 percent from the previous United States settlement, per CNBC. Yet the Gulf’s oil producers did not move as one on it, on our reading: Saudi Arabia’s Tadawul All Share eased 0.19 percent and Dubai’s DFM General 0.32 percent, the weakest Gulf benchmark, while Abu Dhabi’s FTSE ADX General rose 0.85 percent and Kuwait’s Main Market gained 0.27 percent. Qatar’s QE Index was little changed at down 0.06 percent, and Oman’s MSX 30 edged up 0.16 percent.

Egypt rebounded, Jordan lagged

Egypt’s EGX 30 rose 0.58 percent to 56,500.74, recovering the ground it lost on Tuesday when it fell 0.80 percent, and was the second strongest of the 12 headline benchmarks. Jordan’s ASE Index was the weakest outside the Gulf, down 0.30 percent, and Bahrain’s All Share eased 0.27 percent. Kuwait was mixed, its Main Market higher while the Premier Market was flat at down 0.01 percent.

Risers; the second table carries the fallers and the full note.

Closes for Wednesday 9 September 2026, ranked by change and split across 2 tables for legibility on a phone. Every level was read at the index’s own exchange with its closed session stamp, and the Dubai change is the exchange’s own figure; every change reconciles against our own published closes of 8 September. Omitted rows: BK Main 50 (Kuwait) 11,047.64, minus 0.16 percent; FADX 15 (Abu Dhabi) 10,698.51, plus 0.96 percent; Nomu Parallel Market (Saudi Arabia) 21,659.80, minus 0.22 percent.

Intraday quotes captured in one call at 12:33 GMT on 9 September 2026, before the United States settlement windows, ranked by change. Crude and gold are measured against the previous United States settlement of 8 September; the dollar index is a spot quote.

Why it matters: A crude price above 100 dollars did not translate into a uniform bid for Gulf equities, on our reading, which points to markets that have largely absorbed the energy story and are now weighing its cost side too: higher oil supports producer revenues but also lifts input costs and inflation risk across the region. Abu Dhabi’s gain and Saudi Arabia’s small decline on the same day underline that the link between the oil price and the local index is looser than one session’s crude move suggests. Egypt, an importer, steadied rather than fell, which reads more as a market recovering from a sharp prior session than a reaction to oil.

Outlook: The near term for the region turns on whether crude holds above 100 dollars and on the path of the Gulf supply disruption, on our reading. A sustained oil premium would keep the producers’ revenue outlook firm while adding to the cost pressures that importers such as Egypt and Jordan face. The next external cue is United States inflation data due this week, which will shape Federal Reserve expectations and, through the dollar, the region’s pegged currencies.

Sources: Saudi Exchange, Abu Dhabi Securities Exchange, Dubai Financial Market, Boursa Kuwait, Qatar Stock Exchange, Bahrain Bourse, Muscat Stock Exchange, Amman Stock Exchange, The Egyptian Exchange, CNBC, Reuters, The Edge.

Get Complimentary Insights

Follow us