Most stock markets in the Gulf ended higher on Sunday in response to Friday’s rise in oil prices, although the Saudi index bucked the trend to close lower.

Oil prices gained almost 1% to a nine-month high on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts earlier in the week.

In Qatar, the index gained 1.1%, with most stocks on the index in positive territory including petrochemical maker Industries Qatar which advanced 3.5%.

Gulf bourses end mixed; Saudi posts biggest weekly loss in a month

Saudi Arabia’s benchmark index dropped 0.6%, with Al Rajhi Bank losing 0.9% and a 1.7% decrease in Alinma Bank.

The International Monetary Fund expects GDP growth in Saudi Arabia to slow further from the current 1.9% forecast to reflect the latest extension of oil production cuts, an agency official said, even as non-oil growth is seen remaining strong.

The world’s top oil exporter is also projected to swing to a fiscal deficit of 1.2% of GDP in 2023, from a surplus of 2.5% in 2022, the IMF said in its latest Article IV report.

Outside the Gulf, Egypt’s blue-chip index climbed 1%, hitting an all-time high, buoyed by a 4.7% jump in tobacco monopoly Easter Company.

Egypt’s net foreign reserves reached $34.928 billion in August from $34.879 billion in July, the central bank said on Thursday.

SAUDI ARABIA fell 0.5% to 11,154

QATAR gained 1.1% to 10,346

EGYPT rose 1% to 19,578

BAHRAIN was flat at 1,941

OMAN added 0.1% to 4,696

KUWAIT increased 0.3% to 7,710