The Saudi and Qatari stock markets finished higher on Sunday after China scrapped COVID curbs, bolstering expectations of a demand recovery in the world’s second-largest economy, while Egypt and UAE markets were closed.
Oil prices, which fuels the region’s growth, were little changed on Friday close as the market balanced a weaker U.S. dollar and mixed U.S. jobs reports. Brent futures fell 12 cents, or 0.2%, to settle at $78.57 a barrel on Friday.
Meanwhile world’s top crude exporter, Saudi Arabia, lowered prices for the Arab light crude it sells to Asia to its lowest since November 2021 amid the global pressures hitting oil.
Most major Gulf stock markets fall on hawkish Fed, Egypt extends rally
Saudi Arabia’s benchmark index edged up 0.1% led by a 2.6% jump in state-owned mining company Saudi Arabian Mining Co(Ma’aden).
Among other active stocks, IT service management firm Perfect Presentation For Commercial Services close 0.8% higher, paring gains after rising as much as 2.7% in today trade after it obtained an IT services contract worth 43.9 million riyals ($11.68 million).
The benchmark stock index in Qatar gained 1.4%, supported by its Industrial and financial stocks as petrochemical maker Industries Qatar jumped 3.1% while lender Masraf Al Rayan was up 2.5%.
Meanwhile Qatari IT services firm MEEZA will be the first company in the country to use book building to carry out an initial public offering, it said in a statement on Sunday, as Qatar aligns itself with international practices.
SAUDI ARABIA edged up 0.1% to 10,537
QATAR gained 1.4% to 11,298
BAHRAIN eased 0.3% to 1,888
OMAN fell 0.7% 4,833
KUWAIT edged up 0.4% to 7,929
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