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Gulf stock markets rise thanks to the rise in oil prices

Gulf stock markets rise thanks to the rise in oil prices
Gulf stock markets rise thanks to the rise in oil prices

What are the most prominent Gulf markets that recorded an increase?

All except Muscat.

How much did the Qatar Stock Exchange rise?

0.51% to 11663.6 points.

The Gulf stock markets recorded a semi-collective rise today, Thursday, with the resumption of the rise in crude oil prices, which has a strong impact on the economies of the region, while the Muscat Stock Exchange was the only one with losses.

Brent benchmark crude contracts, for December delivery, rose by 98 cents, or 1.18%, to $84.16 a barrel, while US West Texas Intermediate crude contracts, for November delivery, rose by 86 cents, or 1.07%, to $81.3 a barrel.

The Saudi market index increased 0.64% to 11,699 points, supported by strong gains in hydrocarbon stocks, led by the petrochemical stocks “Yansab” and “Rabigh”, up by 7.06% and 6.03%, respectively.

The Qatar Stock Exchange index rose 0.51% to 11663.6 points, and the most prominent gainers were the petrochemical producers “Mesaieed” and “Industries Qatar”, up by 2.55% and 0.7%, respectively.

The Abu Dhabi market index rose 0.33% to 7811.6 points, supported by the gains of banks in particular, most notably Abu Dhabi Commercial and First Abu Dhabi, up by 3.18% and 0.34%, respectively.

The Dubai Stock Exchange index closed at 2789.5 points, unchanged. The most prominent gainers were Emirates NBD and “Union” Real Estate, up by 1.86% and 1.84%, respectively.

The first index in the Kuwait market recorded a slight increase by 0.03% to 7461.5 points, and the gaining shares were led by “Document Insurance” and “Energy House” shares, up by 20.36% and 6.03%, respectively.

Bahrain’s index rose 0.33% to 1708 points, supported especially by bank shares’ gains, led by the Arab Banking Group and Ahli United Bank shares, up by 0.58% and 0.32%, respectively.

The Muscat Stock Exchange was the only loser, down 0.19% to 3956.5 points, driven by losses in the industrial sector, most notably “Dhofar Feed” and “Jazira Steel”, down by 8.24% and 6.32%, respectively.

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