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Mideast Stocks: Most Gulf bourses rise on higher oil prices; Egypt falls

March 3, 2023
oil and gas

The benchmark index in Saudi Arabia ended 0.8% higher, extending its rally to a third session

Most Gulf markets ended higher on Thursday, as oil prices rose on signs of a strong economic rebound in top crude importer China. Crude prices — a key catalyst for the Gulf's financial markets — edged up on Thursday. Brent crude was up 0.65% to $84.86 at 1145 GMT.

Crude jumped after manufacturing activity in China grew at the fastest pace in more than a decade last month, as per Wednesday's data, adding to evidence of a rebound in the world's second-largest economy.

The benchmark index in Saudi Arabia ended 0.8% higher, extending its rally to a third session. The index was lifted by gains in almost all sectors with the world's largest Islamic bank by assets, Al Rajhi Bank climbing 2.2% and Dr Sulaiman Al-Habib Medical rising 1.5%. Oil giant Aramco gained 0.6%.

Aramco agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA and China's Geely Automobile Holdings Ltd plan to set up jointly. The shares of ACWA Power rose 1.6% after it reported more than double in annual profit to 1.54 billion riyals ($410.36 million). Among winners, National Shipping Company Of Saudi Arabia (Bahri) gained 1.3% after signing worth about 1.53 billion riyals ($407.70 million) agreement with shareek program to support gas transportation sector.

In Abu Dhabi, the index rose 0.1%, extending its gains to a third session. The index was helped by a 3.6% rise in Abu Dhabi National Energy and 2.2% gain in Multiply.

The Qatari index ended 0.5% higher, with most sectors climbing. Industries Qatar and Qatar International Islamic Bank rose 1.1% and 2.2%, respectively.

Dubai's benchmark index fell 0.3%, weighed down by losses in utilities, real estate and financial sectors. The blue-chip developer Emaar Properties dropped 1.2% and cooling services provider Emirates Central Cooling lost 0.7%.

Outside the Gulf, Egypt's blue-chip index dropped 1.6%, snapping previous session gains with most sectors in the negative territory. Commercial International Bank and Eastern Co declined 2.4% and 4.7% respectively.

  • SAUDI ARABIA rose 0.8% to 10,278
  • KUWAIT added 0.5% to 8,123
  • QATAR rose 0.5% at 10,622
  • EGYPT fell 1.6% to 16,847
  • BAHRAIN lost 0.1% to 1,930
  • OMAN rose 0.8% to 4,821
  • ABU DHABI added 0.1% to 9,868
  • DUBAI lost 0.3% at 3,436