The rise of most of the Gulf stock exchanges with the rise in oil prices


Most of the major Gulf stock exchanges closed with gains on Wednesday, with the rise in oil prices, while the Dubai Stock Exchange closed lower due to pressure from real estate shares.

Brent crude rose 32 cents, or 0.3 percent, to $72.42 a barrel by 0911 GMT, after earlier touching $72.83, the highest level since May 20, 2019. Crude rose 1 percent on Tuesday.

The main Saudi index rose 0.5%, with Al-Rajhi Bank rising 0.8% and Savola Group jumping 3.6%.

Abu Dhabi’s index rose 0.6 percent, Abu Dhabi Commercial Bank rose 3.2 percent and Abu Dhabi National Hotels Company jumped 14.8 percent after the Abu Dhabi-owned holding company submitted an offer to merge the Abu Dhabi National Exhibitions Company with the hotel company.

The shares of Abu Dhabi Commercial Bank rose for the second day after the bank received, on Tuesday, an amended offer to buy its stake in Alexandria Medical Services Company, as the potential buyer increased the offer price to 700 million Egyptian pounds ($44.73 million) from 650 million previously offered.

The Qatari stock index rose 0.2 percent to stop its losses that continued over four sessions, with Industries Qatar gaining 0.6 percent and Qatar Aluminum Industry 4.5 percent.

Under pressure from real estate stocks, the Dubai index lost 0.1 percent. Shares in Emaar Properties and its unit Emaar Malls each fell 1 percent, and Damac Properties lost 1.5 percent.

Outside the Gulf region, Egypt’s blue-chip index closed 0.8 percent higher, Commercial International Bank, the country’s largest listed bank, added 1 percent, and Fawry Banking Technology and Electronic Payments advanced 1.2 percent.


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