Gulf markets edge higher, Egypt blue-chip index rises 1.3%

Major Gulf stock markets closed higher on Tuesday, in tandem with global markets, while Egypt’s blue-chip index rose for the sixth straight session.

Egypt’s index jumped 1.3%, after rising more than 4% on Monday, its biggest percentage gain in nearly two years.

“The Egyptian stock market opened on the upside as investors take into account the initiatives launched by the government to alleviate the effects of the war in Ukraine on the Egyptian economy,” said Wael Makarem, Senior Market Strategist - MENA at Exness.

Egypt on Tuesday lowered its real gross domestic product growth target for its upcoming financial year, which begins in July, to 5.5%, a day after the central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting.

Egypt jumps over 4% to mark best day in nearly 2 years

European stock indexes edged higher as investors adjusted interest rate expectations while oil prices rose, supported by supply risks from a potential European Union oil embargo on Russia and concern about attacks on Saudi oil facilities.

Saudi Arabia’s benchmark index ended up 0.4%.

Saudi Arabia’s market leader in retail pharmacies Nahdi Medical Co made a strong market debut. Its shares rose about 21% to 158.4 riyals from its initial public offering price of 131 riyals per share. Its shares closed at 150 riyals.

Nahdi had raised $1.36 billion in the country’s biggest IPO since Saudi Aramco’s listing in 2019.

Saudi Arabian Mining Company’s shares rose 3.5% after the company said its new ammonia berth exported its first shipment.

Dubai’s main share index closed down 0.3%, under pressure from Emirates Integrated Telecommunications Company which shed 2.1%.

Abu Dhabi’s index rose 0.7%, after closing lower in the previous two sessions.

The Qatari index edged up 0.1%, with gains in materials companies offset by losses in the energy sector.

Commercial Bank fell 2.6%.

SAUDI ARABIA up 0.4% to 12,881

ABU DHABI rose 0.7% to 9,632

DUBAI lost 0.3% to 3,350

QATAR rose 0.1% to 13,397

EGYPT gained 1.3% to 11,663

BAHRAIN was up 1.1% to 2,004

OMAN rose 0.3% to 4,314

KUWAIT gained 1.1% to 8,780