The stock exchanges in the Gulf close in rise, supported by oil prices

Major equity markets in the Gulf have closed trading in rally on Sunday as oil prices rose, and the Saudi index hit a multi-year high as the kingdom eased Corona virus restrictions.

And Saudi Arabia has decided to relax precautionary measures to deal with the virus, starting today, in light of the sharp decline in the number of daily infections, with significant progress in vaccination operations.

The Kingdom has also canceled the social distancing measures and will allow the faithful 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 Jabal Omar Development, one of the largest listed property developers in the Kingdom, rising sharply by 5.8%.

The company operates a well-known group of hotels, residential complexes and commercial properties in the vicinity of the Holy Mosque.

Oil giant Aramco also grew 0.3%, approaching the company’s market value of two trillion dollars.

The Abu Dhabi index rose 0.3%, supported by a 0.6% increase in Etisalat and 2% in Abu Dhabi Commercial Bank.

The CEO of the global holding said he plans to put his unit, Multiplay, on the main Abu Dhabi stock exchange quest’year. Equity investments increased by 0.2%.

The Dubai index grew 0.5%, with Dubai Islamic Bank gaining 1.2% and Dubai Investments 1.8%.

Yesterday, Saturday, the UAE Ministry of Energy and Infrastructure quoted Minister Suhail Al Mazrouei as saying that his country is continuing its investments in the energy sector of all kinds to meet growing demand and ensure stability in global markets. .

The Qatar index also grew 0.8%, led by an increase of 1.8% for Qatar National Bank and 1.2% for Qatar Islamic Bank.

After trading hours, the bank announced net profit of 2.53 billion riyals ($ 694.8 million) for the nine months ended September 30, an increase of 13.9% over the same period. of last year.

Outside the Gulf region, Egypt’s leading index rose 1.5%, as most of the index’s stocks posted gains, including Commercial International Bank’s share.

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