Gulf Markets Record Weekly Gains on Higher Oil Prices
Today, Thursday, most of the major stock exchanges in the Persian Gulf closed higher, in line with the results of global stock exchanges and rising oil prices amid improved investor sentiment, supported by hopes for an end to the crisis in the banking sector.
Oil prices, the main catalyst for GCC financial markets, rose today as a sudden drop in US crude inventories and a halt to Iraqi Kurdistan exports offset the impact of a smaller-than-expected drop in supplies from Russia.
Brent futures rose 49 cents, or 0.63 percent, to $78.77 a barrel by 11:45 GMT.
Saudi Arabia’s main stock index rose 0.8 percent, led by financial and health stocks, as Al-Rajhi Bank, the kingdom’s second-largest bank by assets, and Saudi National Bank, its largest bank by assets, advanced. by 1.7 percent and 2.2 percent. , respectively.
Dubai’s main stock index rose 0.7 percent for a third straight session, driven by strong gains in real estate and utilities stocks.
In Abu Dhabi, the main index rose 0.2 percent after closing flat on Wednesday, helped by a 0.8 percent gain in shares of First Abu Dhabi Bank, the UAE’s largest bank, and a 4.3 percent rise in Alpha Abu Dhabi Holding.
The underlying equities index in Qatar closed almost unchanged as financial and communications stocks moved in two different directions as Islamic law-compliant Masraf Al Rayan stock rose about 3 percent while Irid Telecom fell 2.9 percent.
Outside the Gulf region, Egypt’s main index closed unchanged, with Commercial International Bank, Egypt’s largest private bank, up 2.2 percent and e-payment service provider Fawry down 2.6 percent.