Most stock exchanges in the Persian Gulf closed higher today, Thursday, helped by rising oil prices amid signs of a strong economic recovery in China, the world’s largest oil importer.
Crude oil prices, the main catalyst for financial markets in the Gulf, rose Thursday, with Brent crude up 0.65% by 1145 GMT to $84.86 a barrel.
Crude oil recorded a rebound, supported by China’s fastest manufacturing growth in more than a decade last month, according to data released Wednesday, adding to signs of a recovery in the world’s second-largest economy.
The Saudi index closed up 0.8 percent, continuing to rise during the third session, while the Abu Dhabi index rose 0.1 percent, continuing to rise during the third session. Abu Dhabi National Energy (TAQA) shares rose 3.6% and Multipleplay shares rose 2.2%.
The Qatari index closed up 0.5% with gains in most sectors, while the Dubai index fell 0.3% due to losses in the utilities, real estate and financial institutions sectors.
Outside the Gulf region, the Egyptian blue-chip index fell 1.6% after rising in the previous session, with most sectors in negative territory.