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Markets

Rising oil prices, economic recovery lift Gulf stocks

  • Brent was up 64 cents, or 0.9%, at $73.34 a barrel.
  • Saudi Arabia's benchmark index added 0.2%, with Al Rajhi Bank gaining 3.1%.
  • The Qatari benchmark finished 0.7% higher, buoyed by a 2% gain in petrochemical firm Industries Qatar.
14 Jun, 2021

Major stock markets in the Gulf ended higher on Monday, as investors eye economic recovery and rising oil prices which gained on an improved outlook for worldwide fuel demand.

Brent was up 64 cents, or 0.9%, at $73.34 a barrel by 1246 GMT, its highest since May 2019.

"GCC economies tend to heavily depend on oil price movements and should see solid support thanks to rising crude prices. This effect will be observable in stock market prices throughout the coming weeks," Daniel Takieddine, market analyst at FXPrimus, said.

Saudi Arabia's benchmark index added 0.2%, with Al Rajhi Bank gaining 3.1%.

"GCC financial markets should remain in the positive territory thanks to the subduing economic impact of the pandemic and the economic revival," said Takieddine. "Some remaining restrictions could slow the recovery a little, but not in a significant manner".

Dubai's main share index climbed 0.9%, with its largest lender Emirates NBD Bank rising 1.9%.

In Abu Dhabi, the United Arab Emirates' (UAE) second-most populous emirate, the stock index rose 0.5%, driven by a 0.7% increase in the country's largest lender First Abu Dhabi Bank.

Abu Dhabi will from Tuesday limit entry to shopping centres, restaurants, cafes and other public places to those who have been vaccinated against COVID-19 or recently tested negative for the coronavirus.

The Qatari benchmark finished 0.7% higher, buoyed by a 2% gain in petrochemical firm Industries Qatar.

Outside the Gulf, Egypt's blue-chip index closed 0.5% higher, ending two sessions of losses, supported by its top lender Commercial International Bank.

on Sunday, France said it would provide Egypt with some 1.8 billion euros ($2.2 billion) in financing for projects including the Cairo metro, power generation and water management, in what officials called a major boost to bilateral cooperation.

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