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Jan 23 (Reuters) – Most Gulf stocks ended higher on Monday as oil prices rose on expectations of an economic recovery in the world’s top importer China and a strong demand outlook, while Abu Dhabi bucked the trend.
Crude oil prices – the main catalyst for Gulf financial markets – extended last week’s gains on Monday, with Brent up 88 cents, or 1 percent, at $88.51 a barrel by 1247 GMT on Nov. 18. highest level ever.
benchmark index (.one) Saudi Arabia up 0.4%, boosted by gains in banks and energy shares of oil major Aramco (2222.SE) rose 1.7 percent, while Al Rajhi Bank, the world’s largest Islamic bank by market capitalization, (1120.SE) up 1%.
Among other individual stocks, Oriental Pipe Industry Consolidated Company (1321.SE) Shares surged 5.2 percent after the signing of two separate contracts worth 569 million riyals ($151.5 million) on Sunday.
Qatar Index (.QSI) It rose 1.1 percent, extending gains from Thursday, with nearly all of its components in positive territory.
Qatar National Bank (QNBK.QA) Continue to rise 3.3%, Qatar International Islamic Bank (QIIB.QA) rose 2.3%.
In Abu Dhabi, the index (.FTFADGI) It fell 0.3 percent, its fourth straight session of losses.First Abu Dhabi Bank (FAB.AD) Conglomerate Alpha Dhabi Holding fell 2 percent (ALPHADHABI.AD) It continued to slide since Wednesday, falling 0.9%.
Dubai’s benchmark index (.DFMGI) 0.1% lower, dragged down by declines in industrial and real estate heavyweights, UAE Central Cooling (Authorization.DU) fell 2.5 percent as toll operator Salik (Salik. You) down 2.6%.
Beyond the Gulf, Egypt’s blue-chip index (.EGX30) It rose 0.4 percent, extending gains from Wednesday.
“Egyptian equities are holding on to gains, while the country continues to secure financing deals to deal with the impact of the current global situation,” said Farah Mourad, senior market analyst at XTB MENA.
Egypt has sign A $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to finance its transactions, including imports of energy products and basic commodities.
Reporting by Md Manzer Hussain; Editing by Krishna Chandra Eluri
Our standards: Thomson Reuters Trust Principles.
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