DUBAI: Most stock markets in the Gulf ended higher on Sunday, recouping losses from the previous session, as investors turned to riskier assets despite surging Omicron COVID-19 cases globally. Saudi Arabia’s benchmark index advanced 1.1%, buoyed by a 0.7% rise in Al Rajhi Bank and a 3.7% jump in Sahara International Petrochemical Company.
The more infectious Omicron variant of COVID-19 appears to produce less severe disease than the globally dominant Delta strain, but should not be categorised as “mild”, World Health Organization (WHO) officials said on Thursday.
Separately, the Saudi-led coalition fighting in Yemen believes the use by Houthi forces of two ports as military bases would turn them into legitimate military targets, coalition spokesman Brigadier General Turki al-Malki said on Saturday.
The Houthis said on Wednesday that the coalition had diverted to a Saudi port a fifth fuel vessel heading for Hodeidah. The Qatari index added 0.4%, helped by a 1.6% gain in Qatar Islamic Bank and a 1.7% increase in Mesaieed Petrochemical Co.
Crude prices settled lower on Friday, as the market weighed supply concerns from the unrest in Kazakhstan and outages in Libya against a US jobs report that missed expectations and its potential impact on Federal Reserve policy.
Outside the Gulf, Egypt’s blue-chip index fell 0.5%, hit by a 0.4% fall in top lender Commercial International Bank.
SAUDI ARABIA rose 1.1% to 11,560
QATAR gained 0.4% to 12,011
EGYPT lost 0.5% to 11,979
BAHRAIN was up 0.3% to 1,794
OMAN rose 0.7% to 4,217
KUWAIT added 0.7% to 7,761.
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