Market Wrap MENA-Asia 1 July: Dubai Leads the Gulf Higher as Japan and China Advance and Hong Kong Rests for a Holiday
Gulf markets started the second half of the year mostly higher, led by Dubai and Oman, while Egypt ended little changed and Asian trading was firm in Tokyo and Shanghai. Hong Kong was closed for a public holiday.
Dubai’s DFM General Index was the regional standout, rising 0.91 percent to 6,010.07, followed by Oman’s MSX 30 up 0.71 percent. Saudi Arabia’s Tadawul All Share Index gained 0.53 percent to 10,856.90 and Qatar’s QE Index added 0.48 percent, while Kuwait’s Premier Market Index rose 0.18 percent to 9,099.12 and the broader All-Share was flat at 8,704.52. Egypt’s EGX 30 held on to recent gains, edging up 0.09 percent to 50,532.70 after its strong rebound above 50,000. The softer spots were Bahrain, down 0.12 percent, and Abu Dhabi, down 0.16 percent.
In Asia, Japan’s Nikkei 225 rose 0.59 percent to 70,474.96, supported by a strong Tankan business-confidence survey, and China’s Shanghai Composite added 0.44 percent to 4,112.45 after firmer June factory data. Hong Kong’s Hang Seng was closed for the Special Administrative Region Establishment Day holiday, having ended the previous session down 0.63 percent.
In currencies, the dollar was firm. The euro eased to 1.1388 and sterling to 1.3253, while the yen traded near 162.49 per dollar. The Egyptian pound was little changed around 49.00 per dollar and the Kuwaiti dinar held near 0.3079. Bitcoin was steady near 58,800.
For reference, US and European markets closed the first half on 30 June with Wall Street higher, the Nasdaq Composite at 26,213.72, the S&P 500 at 7,499.36 and the Dow Jones Industrial Average at a record 52,319.20, while Europe also finished firmer. US markets reopen later today.
Why it matters: Local flows continue to set the tone across the Gulf, with Dubai and Oman leading and the wider region mostly higher as the new half-year begins. Egypt’s steadiness above 50,000 keeps its recent recovery intact, supported by the improving external-financing picture. With Hong Kong shut and US trading only just resuming, regional direction rested on domestic positioning, oil and liquidity rather than a single global driver.
Outlook: Attention now turns to the reopening of US markets, the next set of Gulf corporate and macro signals, and the path of oil, which remains the key swing factor for regional revenue and sentiment. A steady dollar and firm US yields keep the focus on rate expectations that flow through the Gulf via the currency pegs.
Equities, ranked highest to lowest
| Market | Close | % Change |
|---|---|---|
| Dubai DFM General | 6,010.07 | +0.91% |
| Oman MSX 30 | 7,561.13 | +0.71% |
| Japan Nikkei 225 | 70,474.96 | +0.59% |
| Saudi Arabia TASI | 10,856.90 | +0.53% |
| Qatar QE Index | 10,290.82 | +0.48% |
| China Shanghai Composite | 4,112.45 | +0.44% |
| Kuwait Premier Market | 9,099.12 | +0.18% |
| Egypt EGX 30 | 50,532.70 | +0.09% |
| Bahrain All-Share | 2,040.01 | -0.12% |
| Abu Dhabi FTSE ADX General | 9,788.52 | -0.16% |
Hong Kong Hang Seng: closed for a public holiday (last close 22,881.02, -0.63% on 30 June).
Rates, FX and crypto
| Instrument | Level | Change |
|---|---|---|
| EUR/USD | 1.1388 | -0.29% |
| GBP/USD | 1.3253 | -0.05% |
| USD/JPY | 162.49 | -0.03% |
| USD/EGP | 49.00 | -0.16% |
| USD/KWD | 0.3079 | flat |
| Bitcoin | 58,800 | +0.14% |
| S&P 500 (30 Jun close) | 7,499.36 | +0.79% |
| Nasdaq Composite (30 Jun close) | 26,213.72 | +1.52% |
| Dow Jones (30 Jun close) | 52,319.20 | +0.26% |
Sources: Boursa Kuwait; Saudi Exchange; Dubai Financial Market; Abu Dhabi Securities Exchange; Qatar Stock Exchange; Bahrain Bourse; Muscat Stock Exchange; Egyptian Exchange; CNBC.
