Gulf stock exchanges close higher, supported by oil prices

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The main stock markets in the Gulf ended trading on the rise, Sunday, with the rise in oil prices, and the Saudi index reached a multi-year peak as the kingdom eased the restrictions of the Corona virus.

And Saudi Arabia decided to ease the precautionary measures to confront the virus, starting today, in light of the sharp decrease in the number of daily infections, with significant progress in vaccination operations.

as The Kingdom has canceled social distancing measures It will allow worshipers to enter the Two Holy Mosques with full capacity for those who have received the anti-Covid-19 vaccine.

The Saudi index rose 0.6%, with a sharp rise in the share of Jabal Omar Development, one of the largest real estate developers listed in the Kingdom, by 5.8%.

The company manages a well-known group of hotels, residence complexes and commercial properties in the vicinity of the Holy Mosque.

Oil giant Aramco also rose 0.3%, approaching the company’s market value of two trillion dollars.

The Abu Dhabi index rose 0.3%, supported by a 0.6% increase in Etisalat and 2% in Abu Dhabi Commercial Bank.

The CEO of the International Holding Company said it intends to put its Multiplay unit on the main Abu Dhabi stock exchange this year. Holdings rose 0.2%.

The Dubai index rose 0.5%, with Dubai Islamic Bank adding 1.2% and Dubai Investments 1.8%.

Yesterday, Saturday, the UAE Ministry of Energy and Infrastructure quoted Minister Suhail Al Mazrouei as saying that his country is continuing its investments in the energy sector of all kinds to meet the growing demand and ensure stability in global markets.

The Qatari index also rose 0.8%, led by a 1.8% increase for Qatar National Bank and 1.2% for Qatar Islamic Bank.

After trading hours, the bank announced a net profit of 2.53 billion riyals ($694.8 million) for the nine months ended September 30, an increase of 13.9% over the same period last year.

Outside the Gulf region, the Egyptian main index rose 1.5%, as most of the shares in the index witnessed gains, including the share of Commercial International Bank.





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