Leading Gulf market indices closed higher today, Thursday, following the impact of the oil price hike, while the Egyptian index recorded its largest drop in ten days.
Oil prices rose from the three-week low hit in the previous session after member states of the International Energy Agency agreed to release 60 million barrels of oil to cut prices amid supply concerns. sequel to the Russian invasion of Ukraine.
US Treasury yields fell, providing some support for equities, after the minutes of the Federal Reserve meeting released the previous day reinforced prospects for an interest rate hike that markets are already preparing for.
Outside the Gulf region, the Egyptian blue chip index fell 2.2% to 11,102 points, posting the largest daily percentage decline since March 28.
Fadi Riad, a market analyst for the Middle East and North Africa region at Capex.com, told “Reuters”, “The Egyptian stock market may experience more rounds of price correction. in one moment in which the country is still vulnerable to developments in Ukraine. As a result, the matters prime are still level This places the Egyptian economy in a difficult situation.
Leading index of Saudi Arabia, the world’s largest oil exporter, closed for fourth consecutive session in rise of 0.4% to 13,314 points.
The Qatar index advanced more than 1.5% for the second consecutive session, climbing to 14,089 points. Qatar National Bank’s share, the heavyweight in the index, gained 3.4%, while Commercial Bank’s share gained 4.3%.
In Dubai, the main equity index rose 0.4% to 3515 points, supported by the real estate sector. Emirates Refreshments stock continued its earnings for the second consecutive session and jumped about 15% today, after the company sought shareholder approval to raise its issued capital to AED 330 million.
The Abu Dhabi index, on the other hand, fell by 0.7% to 9,996 points.
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