Most main Gulf markets ended greater on Sunday, reflecting Friday’s rise in oil costs pushed by prospects that an upbeat financial development outlook from China might sign elevated gasoline demand on the earth’s second-largest economic system.
Oil, which fuels the area’s economies, settled up about $1 a barrel on Friday, with Brent crude at $87.63 a barrel, up $1.47 or 1.7%.
The Worldwide Vitality Company (IEA) mentioned on Wednesday that China’s lifting of COVID-19 restrictions ought to carry world demand to a document excessive this yr. OPEC additionally forecast a rebound in Chinese language demand.
UAE markets finish decrease as recession fears rattle buyers
Saudi Arabia’s benchmark index rose 0.4%, supported by a 1.5% achieve in luxurious actual property developer Retal City Growth and a 0.8% rise in oil large Aramco.
Al Rajhi Financial institution, the world’s largest Islamic financial institution by market capitalization, rose 0.5%.
The Qatari Inventory index inched up 0.9%, with virtually all its constituent shares in optimistic territory. The Gulf’s largest lender Qatar Nationwide Financial institution continued its rally with a 2.3% achieve and Qatar Islamic Financial institution rose 1.3%.
Outdoors the Gulf, Egypt’s blue-chip index added 0.3%, helped by a ten.5% soar in Housing and Growth Financial institution and a 2.1% achieve in El Sewedy Electrical.
SAUDI ARABIA rose 0.4% to 10,725
QATAR added 0.9% to 10,905
EGYPT added 0.3% to 16,119
BAHRAIN fell 0.1% to 1,926
OMAN misplaced 0.6% to 4,700
KUWAIT added 0.2% to eight,071