Rising oil prices support Gulf stock markets

Rising oil prices support Gulf stock markets
Rising oil prices support Gulf stock markets

Dubai (Reuters)

The main stock markets in the Gulf ended trading on the rise on Sunday, with the rise in oil prices.
The Abu Dhabi Stock Exchange index rose 0.3 percent, supported by a 0.6 percent rise in Etisalat and two percent in Abu Dhabi Commercial Bank. The CEO of the International Holding Company said it plans to put its Multiplay unit on the main Abu Dhabi stock exchange this year. Holdings rose 0.2 percent. The Dubai Financial Index rose 0.5%, with Dubai Islamic Bank adding 1.2% and Dubai Investments adding 1.8%.
The Saudi index reached a multi-year peak as the kingdom eased coronavirus restrictions. Saudi Arabia decided to ease the precautionary measures to confront the virus, as of yesterday, in light of the sharp decrease in the number of daily infections, with significant progress in vaccination operations. The Kingdom has also canceled social distancing measures and will allow worshipers to enter the Two Holy Mosques at full capacity for those who have received the anti-Covid-19 vaccine. The Saudi index rose 0.6% with a sharp rise in Jabal Omar Development, one of the largest real estate developers listed in the Kingdom, by 5.8%. The company manages a well-known group of hotels, residence complexes and commercial properties in the vicinity of the Holy Mosque. The share of the oil giant Aramco also rose 0.3 percent, approaching the company’s market value of two trillion dollars. The Qatari index also rose 0.8 percent, led by a 1.8 percent rise for Qatar National Bank and 1.2 percent for Qatar Islamic Bank. After trading hours, the bank announced a net profit of 2.53 billion riyals ($694.8 million) for the nine months ended September 30, an increase of 13.9 percent over the same period last year.

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Rising oil prices support Gulf stock markets

 
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