Riyad July 18 2022: Most stock markets in the Gulf ended higher on Monday as an uptick in oil prices lifted sentiment in the oil-producing region, with the Saudi index leading the gains.
Crude prices, a key catalyst for the Gulf’s financial markets, extended gains on a weaker dollar and tight supplies as concerns deepened around gas shipments from Russia. read more
The benchmark Saudi Arabian index (.TASI) added 2.3%, buoyed by a 3.3% rise in Riyad Bank (1010.SE) and a 2.8% increase in Banque Saudi Fransi (1050.SE).
In Dubai, the main share index (.DFMGI) rose 0.3% on the back of a 2.7% jump in blue-chip developer Emaar Properties (EMAR.DU).
On the other hand, emirati supermarket chain Union Coop plunged about 9% in its market debut. The company, which operates 23 branches, is the largest consumer cooperative in the UAE, according to its website.
The Abu Dhabi market (.FTFADGI) edged 0.1% higher, with the United Arab Emirates’ biggest lender First Abu Dhabi Bank (FAB.AD) rising 0.3%.
The Qatari index (.QSI) finished 1% higher, driven by a 10% jump in Qatar Navigation (Milaha) (QNNC.QA) after the shipping conglomerate won a more than 1.4 billion riyals ($384.62 million) contract from QatarEnergy.
Outside the Gulf, EGypt’s blue-chip index (.EGX30) gained 1.1% as most of the stocks on the index were in positive territory.
