DUBAI: Most stock markets in the Gulf ended higher on Sunday amid strong oil prices, while Egypt’s index tumbled more than 1% as profit booking continued.
Crude oil prices rose more than 1% to over $120 a barrel on Friday, as traders reconciled the impact of a missile attack on Saudi Aramco’s oil distribution facility with a possible release of oil reserves by the United States.
Saudi Arabia’s benchmark index rose 0.4%, led by a 1.8% increase in Al Rajhi Bank.
However the index’s gains were limited by a decline at oil giant Saudi Aramco which was down 1.8%.
Yemen’s Houthis said they launched attacks on Saudi energy facilities on Friday and the Saudi-led coalition said Aramco’s fuel distribution station in Jeddah had been hit, but that a fire in two tanks at the facility had been brought under control.
The Houthi group said on Saturday it was suspending missile and drone strikes on Saudi Arabia for three days, in a peace initiative it said could be a lasting commitment if the coalition fighting in Yemen stopped air strikes and lifted port restrictions.
The Qatari index finished 0.7% higher, boosted by a 3.1% rise in Qatar Islamic Bank.
Outside the Gulf, Egypt’s blue-chip index dropped 1.4%, as most of the stocks on the index were in negative territory including Commercial International Bank, which was down 2.2%.
SAUDI ARABIA rose 0.4% to 13,000
QATAR gained 0.7% to 13,731
EGYPT lost 1.4% to 11,546
BAHRAIN was up 2.3% to 2,080
OMAN down 0.1% to 4,278
KUWAIT added 1.1% to 9,021.