Most Gulf markets track oil prices higher, Abu Dhabi falls – Business

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Most Gulf markets follow oil price gains, Abu Dhabi falls

January 23, 2023
08:05 pm

(Reuters) – Most Gulf stocks ended higher on Monday as oil prices rose on expectations of a strong demand outlook on expectations of an economic recovery in the world’s top importer China, 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%, at $88.51 a barrel by 1247 GMT, the highest level since Nov. 18. highest level.

Saudi Arabia’s benchmark index (.TASI) rose 0.4 percent, boosted by gains in banks and energy stocks, with oil major Aramco (2222.SE) up 1.7 percent, while Al Rajhi Bank (1120.SE), the world’s largest Islamic lender by market value, rose . 1%.

Among other stocks, East Pipes Integrated Company For Industry (1321.SE ) surged 5.2 percent after signing two separate contracts worth 569 million riyals ($151.5 million) on Sunday.

The Qatar index (.QSI) rose 1.1%, extending gains from Thursday, with nearly all of its constituents in the red.
Qatar National Bank (QNBK.QA), the largest lender in the Gulf, continued to rise 3.3 percent, while Qatar International Islamic Bank (QIIB.QA ) rose 2.3 percent.

In Abu Dhabi, the index (.FTFADGI ) fell 0.3%, its fourth straight session of losses. The country’s largest lender, First Abu Dhabi Bank (FAB.AD ), fell 2 percent, while Alpha Dhabi Holding (ALPHADHABI.AD ) continued its slide since Wednesday, falling 0.9 percent.

Dubai’s benchmark index (.DFMGI) fell 0.1 percent, dragged down by losses in industrial and heavyweight real estate sectors, while UAE Central Cooling Systems (EMPOWER.U) fell 2.5 percent and toll operator Salik (SALIK.DU) fell 2.6 percent.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) rose 0.4%, 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 signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to finance its trade, including imports of energy products and basic commodities.