DUBAI: Most stock markets in the Gulf ended higher on Sunday, supported by rising oil prices, with the Saudi index leading the gains.
Crude prices, a key catalyst for the Gulf’s financial markets, surged to seven-year highs on Friday, on ongoing worries about supply disruptions fuelled by frigid US weather and ongoing political turmoil among major world producers.
Saudi Arabia’s benchmark share index rose 0.5%, led by a 0.5% rise in Al Rajhi Bank and a 2.7% increase in Riyad Bank.
Separately, the Saudi Exchange announced on Thursday that the listing and trading of Gas Arabian Services Co. (GAS) on its parallel market Nomu will start on Monday.
The Dammam-based company offers operational solutions to several industries in Saudi Arabia including the oil and gas, petrochemical, electrical and steel industries, according to its website.
The Qatari benchmark gained 0.2% on Sunday, with Qatar Fuel Co advancing 2.1%.
Outside the Gulf, Egypt’s blue-chip index closed 0.4% higher, with top lender Commercial International Bank rising 0.7%.
Egypt’s net foreign reserves edged up to $40.98 billion in January from $40.93 billion in December, the central bank said on Sunday.
Foreign reserves have been rising since June 2020, after dropping to around $36 billion from more than $45.5 billion due to the impact of the coronavirus pandemic.
SAUDI ARABIA rose 0.5% to 12,204
QATAR gained 0.2% to 12,678
EGYPT up 0.4% to 11,690
BAHRAIN was up 0.5% to 1,833
OMAN rose 0.1% to 4,132
KUWAIT added 0.1% to 8,045.
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