DUBAI: Most Gulf stock markets closed higher on Monday, shrugging of a decline in oil prices, with Dubai leading the gains after the biggest ever intraday increase in Emaar Development, while the Egyptian index extended losses.
Oil prices, a major driver for Gulf economies, fell on Monday, with Brent crude futures trading down $1.30, or 1.5%, at $84.53 a barrel at 1210 GMT.
The demand concern could impact oil prices after China set lower-than-expected growth targets, said Farah Mourad, senior market analyst at XTB MENA.
“The Federal Reserve and the European Central Bank are expected to adopt more hawkish monetary policies”
Saudi Arabia’s benchmark index ended 0.4% higher, extending its rally to a fifth session. The index was lifted by gains in health care and banking stocks, with Dr. Sulaiman Al-Habib Medical Services increasing 1.7% and Riyad Bank climbing 2.5%.
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