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Most major Gulf stocks ended higher on Monday as risk appetite returned and investors hoped higher oil prices would continue to pump more dollars into the region.
Oil, which drives growth in the region, extended gains on Monday, rising about 3% after China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession fears. 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.
The benchmark Qatar index rose 1.5 percent, boosted by financial and petrochemical stocks, with Qatar National Bank, the Gulf region’s largest lender, surging 2.5 percent, while Qatar Industries rose 1.7 percent. Qatari IT services company MEEZA, part-owned by telecom operator Ooredoo, said it was conducting a public sale of 50 percent of its share capital and plans to list on the Qatar Stock Exchange.
Saudi Arabia’s benchmark rose 1.1 percent, led by Raj Bank, which gained 1.3 percent, while oil major and index heavyweight Aramco closed up 0.6 percent. Among other active stocks, Zain KSA closed up 3.3 percent after rising as much as 7.3 percent after it said it would sell its stake in the tower’s infrastructure for 3.02 billion riyals ($803.94 million) to Golden Lattice Investment Company ).
Dubai’s main stock index edged up 0.6 percent, with blue-chip developer Emaar Properties and Sharia-compliant lender Dubai Islamic Bank up 1.4 percent.
However, the Abu Dhabi index fell 0.3 percent, its fourth straight session of losses, pressured by a 3 percent drop in its largest lender First Abu Dhabi Bank. FAB said on Thursday it considered a bid for London-listed Standard Chartered but no longer did so.
Outside the Gulf, Egypt’s blue-chip index rose 0.6 percent, with Commercial International Bank of Egypt up 2.2 percent.
- Saudi Arabia rose 1.1% to 10,647
- Abu Dhabi down 0.3% to 10,170
- Dubai up 0.6% to 3,322
- Qatar rose 1.5% to 11,467
- Egypt rose 0.6% to 16,097
- Bahrain edged up 0.1% to 1,889
- Oman up 0.3% 4,848
- Kuwait rose 0.4% to 7,959
($1 = 3.7565 riyals)
(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Shailesh Kuber)
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