DUBAI: Egypt’s blue-chip index posted its biggest percentage gain in nearly two years on Monday after the central bank hiked its interest rates, while other markets in the Middle East ended mixed.

The blue-chip index ended 4.5% higher, after Egypt’s central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting.

“The Egyptian stock market rose significantly after the central bank raised interest rates in a bid to fight inflation as the war in Ukraine pushes commodity prices higher still,” said Daniel Takieddine, CEO MENA BDSwiss.

Stock markets around the world dropped as fighting in Ukraine raged on with no sign of a ceasefire even as diplomatic efforts continued.

Oil prices rose, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo.

The Saudi ministry said it would not bear responsibility for any shortages in oil supplies to global markets after recent attacks by Yemen’s Iran-aligned Houthi group caused a temporary drop in output at a Saudi Aramco’s refinery joint venture in Yanbu.

Saudi Arabia’s benchmark index slipped 0.3%. State-run Saudi Aramco fell 0.7%, valuing it at 8.65 trillion riyals ($2.31 trillion).

Abdullah Al Othaim Markets fell 2% after it began trading ex-dividend.

The Abu Dhabi index fell for a second consecutive session, down 0.5%.

Dubai’s main share index gained 0.3%, boosted by financials and communication services.

The Qatari index was up 0.4%.

SAUDI ARABIA down 0.3% to 12,832

ABU DHABI fell 0.5% to 9,563

DUBAI added 0.3% to 3,360

QATAR rose 0.4% to 13,383

EGYPT gained 4.5% to 11,466

BAHRAIN was up 0.4% to 1,983

OMAN lost 0.3% at 4,302

KUWAIT down 0.1% at 8,684.