Gulf shares track oil higher; Egypt hits fresh record

DUBAI: Major Gulf stock markets rose on Sunday as oil prices climbed, supported by supply worries tied to intensifying protests in oil-producing Iran and an escalation of attacks linked to Russia’s war in Ukraine.

Oil prices — a key catalyst for Gulf equities — settled 2.18 percent higher on Friday. Brent was trading at USD63.34 a barrel.

Saudi Arabia’s benchmark stock index extended gains for a third straight session, rising 1.3 percent, with all constituents in positive territory. Energy, materials and healthcare stocks led the advance, while heavyweight Saudi Aramco gained 2.4 percent and Saudi Basic Industries Corp added 3.5 percent, its strongest intraday percentage gain in nearly five months.

SABIC said on Thursday it had agreed to sell its European petrochemical business and its engineering thermoplastics business in Europe and the Americas for a combined enterprise value of USD950 million.

Elsewhere Dar Al Arkan Real Estate rose 1.2 percent after its international arm Dar Global said it will launch two Trump-branded luxury projects in Riyadh and Jeddah, with a combined value of USD10 billion, according to CEO Ziad El Chaar. “Risk-on sentiment continues to dominate the market following the Saudi regulator’s announcement that the market will be open to all foreign investors starting February, with the recent rebound in oil prices lending further support,” said Milad Azar, market analyst at XTB MENA.