Major Gulf bourses were mixed in trading on Monday, with Saudi Arabia’s benchmark index rising a day after oil giant Saudi Aramco posted a surge in annual profit.
Across the globe, share markets were in a sober mood as fighting in Ukraine raged on with no sign of stopping, leaving investors clutching at hopes for an eventual peace deal, while oil prices climbed anew as supplies remained tight.
Oil prices jumped $3 on Monday, with Brent above $110 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.
Most Gulf bourses rise tracking oil prices; financials boost Saudi
Saudi Arabia’s benchmark index advanced 0.4%, with state-run Saudi Aramco up 0.8%, valuing it at 8.65 trillion riyals ($2.31 trillion).
The oil giant had risen over 4% on Sunday after posting a near double annual profit.
The jump in stock took Aramco’s valuation to 8.76 trillion riyals, or the equivalent of $2.34 trillion, more than that of Microsoft but still behind Apple’s $2.68 trillion.
Abdullah Al Othaim Markets fell 1.9% after it began trading ex-dividend.
The Abu Dhabi index fell for the second consecutive session, down 0.3%.
Dubai’s main share index was trading 0.3% higher, boosted by financials and industrials.
Emirates NBD Bank was up 2.2% while Dubai Investments PJSC was up 3.5%.
The Qatari index was nearly flat, up 0.1%.
Shares of Commercial Bank were up 1.1%, after the company’s shareholders approved raising foreign ownership limit to 100%.
Comments
Comments are closed.