Shares gain in most of the Gulf markets with the rise in oil prices

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closed Most of the stock markets in the Gulf On the rise today, Tuesday, in a reflection of the rise in oil prices, the Abu Dhabi index settled at a record high level.

Brent crude futures rose 23 cents, or 0.3%, to $74.73 a barrel, as investors bet that short supply and high vaccination rates will help offset any impact on demand from the increase in Corona virus infections around the world.

The Saudi index rose 0.2%, with Saudi Telecom Co. gaining 1.9% and Saudi National Bank, the kingdom’s largest bank, adding 0.9%.

Yanbu Cement Company’s share jumped by more than 3% after its board of directors proposed distributing cash dividends of 1.25 riyals per share.

The Dubai index rose 0.1%, supported by a 1.1% increase in Emirates NBD, before announcing its earnings. Emaar Properties also rose 0.5%.

The Abu Dhabi index closed stable at a record high, and Dana Gas advanced 2%, extending its gains for the third consecutive session, after the company won an arbitration lawsuit over the sale of its assets in Egypt.

The Qatari index fell 0.1% due to a 0.8% drop in Commercial Bank’s share and a 1.5% decline in the share of Araed Telecom, before its board of directors meeting tomorrow, Wednesday, to discuss the profits of the first half.

Outside the Gulf region, Egypt’s blue-chip index rose 0.6%, with Fawry Banking Technology and Payments up
Electronic 3.4%.

The following are the closings of the Arab markets:

Saudi Arabia: The index rose 0.2% to 10,917 points

Abu Dhabi .. The index stabilized at 7,171 points

Dubai .. The index gained 0.2% to 2761 points

Qatar.. The index fell 0.1% to 10,668 points

Egypt.. the index increased 0.6% to 10,763 points

Bahrain.. The index fell 0.1% to 1594 points

Sultanate of Oman.. The index increased 0.3% to 4,017 points

Kuwait: The index added 0.1% to 7,104 points





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