DUBAI: Saudi Arabia’s stock market ended higher on Sunday, in response to a rise in crude prices on Friday, while the Egyptian bourse retreated due to a selloff in blue-chips.
Oil prices, a key catalyst for the Gulf’s financial markets, settled higher on Friday, boosted by supply constraints and worries of a Russian attack on neighbouring Ukraine, despite sources saying China is set to release crude reserves around the Lunar New Year.
Saudi Arabia’s benchmark index gained 0.3%, extending gains from the previous session when it reached its highest since July 2006, with Saudi Arabian Mining Company advancing 3.4%.
Among other gainers, petrochemical maker Saudi Basic Industries Corp added 1.2%.
Separately, Saudi Arabia waived its requirement for visitors to be fully vaccinated to allow soccer players from Spain to compete in the Spanish Super Cup on Saudi soil, Reuters reported on Thursday, citing sources.
The Qatari index climbed 0.9%, buoyed by a 1.6% rise in petrochemical firm Industries Qatar and a 1.2% gain in Qatar Islamic Bank, ahead of its earnings announcement.
Oman dropped 0.6%, hit by a 6.6% slide in Bank Dhofar, which reported a more than 17% decrease in annual net profit.
Outside the Gulf, Egypt’s blue-chip index declined 1.5%, with losses across the board weighing on the index as investors continue to secure their gains.
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