Saudi Arabia’s stock market ended higher on Sunday in response to Friday’s rise in oil prices, while the Egyptian index was in the red on profit-taking.
Oil prices - a key catalyst for the Gulf’s financial markets - rose over 2% on Friday after energy firms posted positive earnings and US data showed crude output was declining while fuel demand was growing.
EIA data this week showed US crude oil and gasoline inventories fell more than expected last week as demand for the motor fuel picked up ahead of the peak summer driving season.
Major Gulf bourses mixed in early trade on economic worries
Saudi Arabia’s benchmark index added 0.3%, with Retal Urban Development Co advancing 2.9% and Dr Sulaiman Al-Habib Medical Services closing 2.8% higher.
Elsewhere, oil giant Saudi Aramco added 0.8%.
In Qatar, the index added 0.4%, with petrochemical maker Industries Qatar rising 1.5%.
Outside the Gulf, Egypt’s blue-chip index declined 0.7%, with El Sewedy Electric sliding about 3%.
Egypt is strongly considering approving the currencies of its commodity trade partners, including China, India and Russia to try to lessen the need for dollars, Supply Minister Ali Moselhy told reporters on Saturday.
SAUDI ARABIA rose 0.3% to 11,308
QATAR gained 0.4% to 10,181
EGYPT lost 0.7% to 17,668
BAHRAIN was up 0.5% to 1,904
OMAN lost 0.4% to 4,718
KUWAIT eased 0.4% to 7,913
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