Saudi Arabia’s stock market extended a rebound on Wednesday, after it hit a 9-month low earlier this week on economic growth worries, while the Dubai bourse ended lower.

Central banks around the world have jacked up interest rates in the last week and said they would do whatever it took to fight red-hot inflation.

The benchmark index in Saudi Arabia advanced 1.4%, led by a 4.2% jump in Riyad Bank and a 0.6% increase in Retal Urban Development Co.

The kingdom’s bourse rebounded with energy prices potentially moving higher under current conditions, said Farah Mourad, Senior Market Analyst of XTB MENA.

“The market could see some improvements after hitting a new low this week.”

Among other gainers, oil behemoth Saudi Aramco finished 1.3% higher.

Crude prices, a key factor for the Gulf’s financial markets, were broadly stable as pressure from a strengthening dollar and crude storage builds was offset by U.S. production cuts caused by Hurricane Ian.

Most Gulf markets rebound; Abu Dhabi extends losses

Dubai’s main share index dropped 0.9%, hit by a 1.5% fall in top lender Emirates NBD.

The Dubai market was volatile while traders considered the uncertainty in global markets, according to Mourad.

In Abu Dhabi, the index added 0.4%, snapping five sessions of losses, helped by a 2.4% rise in the country’s biggest lender First Abu Dhabi Bank.

The benchmark index in Qatar, the largest natural gas producer in the Gulf Cooperation Council, leapt 1.6%.

Europe was investigating on Tuesday what Germany, Denmark and Sweden said were attacks that had caused major leaks into the Baltic Sea from two Russian gas pipelines.

The Nord Stream pipelines have been flashpoints in an escalating energy war between capitals in Europe and Moscow that has damaged major Western economies, sent gas prices soaring and sparked a hunt for alternative supplies.

Outside the Gulf, Egypt’s blue-chip index fell 1%, as most of the stocks on the index were in negative territory.

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 SAUDI ARABIA    rose 1.4% to 11,170
 ABU DHABI       up 0.4% to 9,776
 DUBAI           down 0.9% to 3,343
 QATAR           gained 1.6% to 12,550
 EGYPT           dropped 1% to 9,702
 BAHRAIN         eased 0.1% to 1,882
 OMAN            fell 0.2% to 4,486
 KUWAIT          dropped 1.5% to 7,950
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