The Saudi stock market continues to rise above its highest level in the last 15 years

Gulf stock markets closed on Monday in mixed way and the Saudi stock market has extended gains to reach the highest level of the last 15 years.

The benchmark index of Saudi equities closed in 0.5% rise to its highest level since July 2006 led by a 1.4% rise in National Bank shares of Saudi Arabia, the largest bank in the kingdom, while shares of the Saudi Electricity Company rose 1.8%.

Oil prices, a major driver of the Gulf financial markets, have stabilized, with investors betting that a shortage in global crude oil supply will persist.

The Qatari stock index closed the trading session in rise of 0.3%, supported by the rise of the Qatar National Bank of 2.4%. Last week, the largest bank in the Gulf announced a 10% increase in its annual net profit, helped by growth in loans.

But shares of Qatar Islamic Bank fell 1.2%, despite an increase in its annual profit.

On the Dubai Stock Exchange, the main stock index closed in down 0.7%, hit by a 2.3% decline in Emirates NBD stock, and Emirates Integrated Telecommunications Company stock fell 1.2%.

The main stock index of the Abu Dhabi Stock Exchange closed in down 0.1%, after giving up early gains after news of an explosion and fire at Abu Dhabi airport. The index rose as much as 0.3% in the prime bargaining.

Outside the Gulf region, the main equity index on the Egyptian stock market closed in 0.2% rise, closing two losing sessions, supported by Commercial International Bank’s 0.4% rise.

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