Major Gulf stock markets rose on Sunday as oil prices climbed, supported by supply worries tied to intensifying protests in oil-producing Iran and an escalation of attacks linked to Russia's war in Ukraine.
Oil prices — a key catalyst for Gulf equities — settled 2.18% higher on Friday. Brent was trading at $63.34 a barrel.
Saudi Arabia's benchmark stock index (.TASI), opens new tab extended gains for a third straight session, rising 1.3%, with all constituents in positive territory. Energy, materials and healthcare stocks led the advance, while heavyweight Saudi Aramco (2222.SE), opens new tab gained 2.4% and Saudi Basic Industries Corp (2010.SE), opens new tab added 3.5%, its strongest intraday percentage gain in nearly five months.
SABIC said on Thursday it had agreed to sell its European petrochemical business and its engineering thermoplastics business in Europe and the Americas for a combined enterprise value of $950 million.
Elsewhere Dar Al Arkan Real Estate (4300.SE), opens new tab rose 1.2% after its international arm Dar Global(DARD.L), opens new tab said it will launch two Trump-branded luxury projects in Riyadh and Jeddah, with a combined value of $10 billion, according to CEO Ziad El Chaar.
"Risk-on sentiment continues to dominate the market following the Saudi regulator's announcement that the market will be open to all foreign investors starting February, with the recent rebound in oil prices lending further support," said Milad Azar, market analyst at XTB MENA.
"Looking ahead, the market (is expected) to continue its recovery from last year's downtrend, bolstered by solid projections for non-oil economic growth and the potential for positive Q4 earnings to serve as the next major catalyst," he added.
The Qatari benchmark index (.QSI), opens new tab rebounded from the previous session's decline to rise 1.1%, with all constituents higher. Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, climbed 1.7%, while Qatar Gas Transport (QGTS.QA), opens new tab advanced 1.6%.
QatarEnergy said on Friday it had acquired an interest in a new exploration block offshore Lebanon.
QatarEnergy said on Friday it had acquired an interest in a new exploration block offshore Lebanon.
Outside the Gulf, Egypt’s blue-chip index (.EGX30), opens new tab advanced for a third day, gaining 2.5% to reach a record high of 42,895, with nearly all stocks higher. Commercial International Bank (COMI.CA), opens new tab rose 4%, while Egypt Aluminum Company (EGAL.CA), opens new tab jumped 5.1%.
Egypt's annual urban consumer inflation was unchanged at 12.3% in December, data from statistics agency CAPMAS showed on Saturday.
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