Major Gulf indexes closed higher on Thursday, tracking the rise in oil prices, while Egypt’s index recorded its biggest fall in 10 days.
Oil prices rose from a three-week low touched in the previous session after International Energy Agency member countries agreed to release 60 million barrels of oil to drive down prices amid supply fears following Russia’s invasion of Ukraine.
U.S. Treasury bond yields fell, offering some respite to equities after Federal Reserve minutes released the previous day reinforced the rate-hike momentum already priced into markets.
Outside the Gulf, Egypt’s blue-chip index declined 2.2%, its biggest daily percentage fall since March 28.
“The Egyptian stock market could record additional price corrections while the country remains exposed to the developments in Ukraine. As a result, commodities remain at high levels, putting the Egyptian economy in a difficult situation,” said Fadi Reyad, Market Analyst at CAPEX.com MENA.
Markets gain ahead of expected Russia sanctions, Egypt falls over 1%
The world’s top oil exporter Saudi Arabia’s benchmark index closed up for the fourth consecutive session with a 0.4% gain.
The Qatari index advanced more than 1.5% for the second straight session.
Index heavyweight Qatar National Bank gained 3.4% and Commercial Bank rose 4.3%.
In Dubai, the main share index rose 0.4%, boosted by the real estate sector. Emirates Refreshments extended gains for a second session, jumping nearly 15% a day after it sought shareholder approval to increase issued share capital to 330 million dirhams.
The Abu Dhabi index dropped 0.7%.
SAUDI ARABIA up 0.4% to 13,314
ABU DHABI fell 0.7% to 9,996
DUBAI added 0.4% to 3,515
QATAR rose 1.5% to 14,089
EGYPT shed 2.2% to 11,102
BAHRAIN was flat at 2,121
OMAN rose 1.6% at 4,210
KUWAIT 0.2% to 9,166
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