DUBAI: Major Gulf stock markets ended higher on Wednesday, with Saudi Arabia extending gains into a seventh session amid rising oil prices, while financials dragged down the Egyptian index.
Saudi Arabia’s benchmark stock index rose 0.6%, helped mostly by the financials and material sectors.
Saudi National Bank climbed 1.9% and Saudi Basic Industries gained 1%.
Almarai jumped 3.1% after the consumer food and beverage company signed an agreement to acquire Binghatti Beverage’s production facility in the United Arab Emirates for 215 million dirhams ($58.54 million).
Trading in the Tadawul securities market was suspended for less than an hour due to a technical glitch. With a market capitalisation of nearly $2.6 trillion, Tadawul is the Arab world’s largest stock exchange.
The Qatari index was up 0.3%, heading for a third straight session of gains. Qatar National Bank and Qatar International Islamic Bank advanced 1.4% and 0.9%, respectively.
Abu Dhabi’s index closed up 0.2%, with First Abu Dhabi Bank gaining 0.5% and International Holdings adding 0.4%.
The Dubai index climbed 1%, supported by a 0.8% gain in Dubai Islamic Bank and a 2.8% rise in Damac Properties.
Egypt’s blue-chip index dropped 1.1%, with Commercial International Bank (CIB) down 3.2%.
Egypt’s gross domestic product grew 1.9% between July 2020 and March 2021, compared with 5.4% growth in the same period a year earlier. The country’s financial year runs from July to June.