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Jan 9 (Reuters) – Most major Gulf stocks ended higher on Monday as risk appetite returned and investors hoped that higher oil prices would continue to pump more dollars into the region.
Oil, which drives economic growth in the region, extended gains on Monday, up about 3% After China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed fears of a global recession.
Brent crude was up $2.29, or 2.9%, at $80.86 a barrel by 1150 GMT.
Fadi Reyad, chief market analyst for MENA at CAPEX.com, said GCC stocks were mostly positive as sentiment improved as China continued to reopen.
Benchmark Qatar Index (.QSI) Qatar National Bank, the biggest lender in the Gulf region, rose 1.5 percent boosted by financials and petrochemicals stocks (QNBK.QA) surged 2.5 percent, while Qatar Industrial (IQCD.QA) rose 1.7%.
Qatar IT Services Company tablePart-owned by telecom operator Ooredoo (ORDS.QA)said it will sell 50% of its share capital through a public offering of shares and plans to list on the Qatar Stock Exchange.
Saudi Arabia’s Benchmark Index (.one) Up 1.1%, led by a 1.3% rise in Al Rajhi Bank (1120.SE) While oil major and index heavyweight Saudi Aramco (2222.SE) The settlement price rose 0.6%.
Among other active stocks, Zain KSA (7030.SE) It rose as much as 7.3 percent before closing 3.3 percent higher after announcing the sale of its stake in the tower’s infrastructure to Golden Lattice Investment Company for 3.02 billion riyals ($803.94 million).
Dubai main stock index (.DFMGI) Blue-chip developer Emaar Properties inched up 0.6 percent (EMAR. YOU) and Shariah compliant lender Dubai Islamic Bank (DISB.DU)rose 1.4%.
Abu Dhabi Index (.FTFADGI)However, it fell 0.3 percent, falling for a fourth straight session, pressured by a 3 percent plunge in its biggest lender First Abu Dhabi Bank (FAB.AD).
FAB said on Thursday consider bidding For London-listed Standard Chartered Bank (Stan.L)But not anymore.
Beyond the Gulf, Egypt’s blue-chip index (.EGX30) Up 0.6%, Commercial International Bank of Egypt (COMI.CA) rose 2.2%.
($1 = 3.7565 riyals)
Reporting by Shamsuddin Mohd in Bengaluru; Editing by Shailesh Kuber
Our standards: Thomson Reuters Trust Principles.
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