Most Gulf markets gain on oil; Egypt falls

DUBAI: Most stock markets in the Gulf ended higher on Sunday in response to a rise in oil prices, although the Egyptian index retreated.

Oil prices - a catalyst for the Gulf’s financial markets - climbed about 1% on Friday, settling at a two-week high, as the intensifying war in Ukraine boosted the market’s geopolitical risk premium.

Saudi Arabia’s benchmark index edged 0.2% higher, with Al Rajhi Bank rising 0.4% and Saudi Arabian Mining Co advancing 1.9%.

Elsewhere, oil giant Saudi Aramco was up 0.4%.

Aramco’s digital arm is in talks to take a significant minority stake in US telecommunications software maker Mavenir, Reuters reported on Friday, citing people familiar with the matter.

Global credit ratings agency Moody’s upgraded Saudi Arabia’s rating to “Aa3” from “A1” on Friday, citing the country’s efforts to diversify beyond its oil economy.

The Qatari benchmark added 0.1%, with the Gulf’s biggest lender Qatar National Bank increasing 0.4%.