Major Gulf indexes track global peers, oil prices higher

DUBAI: Most major Gulf indexes rebounded on Sunday, tracing their global peers and following a rise in oil prices.

Saudi Arabia’s benchmark index rose 1.3%, with Al Rajhi Bank advancing 2.3%, while oil behemoth Saudi Aramco increased 1.6%.

Among other stocks, Mobile Telecommunications Company Saudi Arabia (Zain KSA) rose 0.9% after saying its unit Zain Business Limited had received the telecom regulator’s (CITC) nod to acquire at least 8,069 of its telecom tower sites.

In Qatar the benchmark advanced 0.3% after three consecutive sessions of losses, as Industries Qatar gained 1.3% and the Gulf’s largest lender, Qatar National Bank , advanced 1%.

Outside the Gulf, Egypt’s blue-chip index declined 1.1%, with Commercial International Bank Egypt falling 1.9%.

SAUDI ARABIA gained 1.3% to 12,689 points

QATAR gained 0.3% to 12,861 points

EGYPT fell 1.1% to 10,087 points

BAHRAIN rose 0.6% to 1,906 points

OMAN edged up 0.3% 4,121 points

KUWAIT climbed 1.9% to 8,598 points.