DUBAI: Major Gulf bourses ended mixed on Monday with oil prices jumping to levels last seen in 2008 amid market supply fears following Russia’s invasion of Ukraine.
Brent crude oil prices surged by as much as 17.8% to $139 a barrel as the United States and European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded.
Meanwhile, other commodity prices also soared while shares sank in frantic trading across global markets.
“The Saudi stock market is also seeing a decrease in prices following the concerns around the impact of the conflict in Europe on the global economy,” said Farah Mourad, Senior Market Analyst of XTB MENA.
Energy-heavy Saudi Arabia’s benchmark share index ended flat, with losses in financials offsetting gains in material and energy stocks.
Saudi Aramco rose 0.4%, after gaining as much as 3.1% to a record high of 46 riyals ($12.26).
Aramco raised the April official selling prices for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs.
Dubai’s main index fell 0.9%, down for a second consecutive session, after gaining 4.1% the previous week.
Abu Dhabi’s index ended flat while the Qatari index rose nearly 1% in its sixth straight session of gains.
Outside the Gulf, Egypt’s blue-chip index lost 3.6%, in its biggest loss in over ten days.
SAUDI ARABIA flat at 12,808
ABU DHABI flat at 9,672
DUBAI lost 0.9% to 3,419
QATAR rose 1% to 13,592
EGYPT shed 3.6% to 10,701
BAHRAIN was up 3.5% to 2,062
OMAN rose 0.4% to 4,202
KUWAIT gained 0.3% to 8,61.
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