Stock markets in the Gulf rebounded on Monday, mirroring oil prices and global shares as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy.
European shares and U.S. stock futures firmed, oil prices bounced more than $3 a barrel, while safe-haven bonds lost ground as markets latched on to hopes the new variant of concern would prove to be "mild". read more
Saudi Arabia's benchmark index (.TASI) rose 0.2%, with Al Rajhi Bank (1120.SE) rising 0.9% and SABIC Agri-Nutrients Co (2020.SE) advancing 4.5%.
Saudi Tadawul Group, which operates the kingdom's stock exchange, raised 3.78 billion riyals ($1.01 billion) on Sunday via an initial public offering that was priced at the top of the indicated range and oversubscribed 121 times. read more
Saudi energy minister Prince Abdulaziz bin Salman al-Saud said on Monday he was not worried about the Omicron coronavirus variant, Asharq Business reported, after crude prices plunged last week on fears the new variant would hammer demand.
Meanwhile, an OPEC+ technical meeting was postponed to Wednesday and an OPEC+ ministerial committee meeting moved to Thursday "to buy time to review things" in light of the new variant development.
Dubai's main share index (.DFMGI) closed 1.8% higher, buoyed by a 3.6% leap in blue-chip developer Emaar Properties (EMAR.DU) and a 2.1% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Dubai, the travel and tourism hub of the Middle East, on Sunday slid 5.2%, its biggest fall since March 2020.
In Abu Dhabi, the index (.ADI) concluded 2.2%, hitting a record high, boosted by a 5.8% jump in telecoms firm Etisalat (ETISALAT.AD).
Amazon (AMZN.O) has partnered with Abu Dhabi Investment Office to establish a fulfilment centre by 2024 to be built in accordance with the company's carbon-reduction strategies, the Abu Dhabi government's media office said on Sunday. read more
The Qatari benchmark (.QSI) edged 0.1% higher, helped by a 1.3% rise in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.6%, dragged down by a 10.1% plunge in tobacco monopoly Eastern Company (EAST.CA) as the stock traded ex-dividend.
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