The rise of the main Gulf stock exchanges with the rise in oil prices and expectations of improved Chinese demand

The rise of the main Gulf stock exchanges with the rise in oil prices and expectations of improved Chinese demand
The rise of the main Gulf stock exchanges with the rise in oil prices and expectations of improved Chinese demand
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© Reuters. A trader monitors stocks in the Saudi market in Riyadh. Photo from Reuters archive.

(Reuters) – Most of the major Gulf markets closed higher on Sunday, reversing Friday’s gains, spurred by the possibility that an optimistic outlook on economic growth in China could indicate an increase in fuel demand in the world’s second-largest economy.

Oil, which feeds the economies of the region, settled at an increase of about one barrel on Saturday, after recording $87.63 a barrel, up $1.47, or 1.7 percent.

On Wednesday, the International Energy Agency predicted that China’s lifting of anti-COVID-19 restrictions would lead to global oil demand growth this year to a new record high. OPEC also expected a recovery in Chinese demand.

And it rose 0.4 percent, supported by the rise of the share of Retal Urban Development Company, 1.5 percent, and the share of oil giant Saudi Aramco (TADAWUL:) 0.8 percent.

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Al-Rajhi Bank, the world’s largest Islamic bank by market value, also rose 0.5 percent.

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The Qatari index rose 0.9 percent, after almost all shares gained. Qatar National Bank, the largest lender in the Gulf, continued its rise, gaining 2.3 percent, while Qatar Islamic Bank rose 1.3 percent.

Outside the Gulf region, the blue-chip index rose 0.3 percent, supported by a 10.5 percent jump in the Housing and Development Bank and 2.1 percent in Elsewedy Electric.

(Prepared by Muhammad Ali Farag for the Arabic Bulletin – Edited by Ali Khafaji)

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