Most stock markets in the Gulf ended higher on Sunday, recouping losses from the previous session, as investors turned to riskier assets despite surging Omicron COVID-19 cases globally.
Saudi Arabia's benchmark index (.TASI) advanced 1.1%, buoyed by a 0.7% rise in Al Rajhi Bank (1120.SE) and a 3.7% jump in Sahara International Petrochemical Company (2310.SE).
The more infectious Omicron variant of COVID-19 appears to produce less severe disease than the globally dominant Delta strain, but should not be categorised as "mild", World Health Organization (WHO) officials said on Thursday. read more
Separately, the Saudi-led coalition fighting in Yemen believes the use by Houthi forces of two ports as military bases would turn them into legitimate military targets, coalition spokesman Brigadier General Turki al-Malki said on Saturday. read more
The Houthis said on Wednesday that the coalition had diverted to a Saudi port a fifth fuel vessel heading for Hodeidah.
The Qatari index (.QSI) added 0.4%, helped by a 1.6% gain in Qatar Islamic Bank (QISB.QA) and a 1.7% increase in Mesaieed Petrochemical Co (MPHC.QA).
Crude prices settled lower on Friday, as the market weighed supply concerns from the unrest in Kazakhstan and outages in Libya against a U.S. jobs report that missed expectations and its potential impact on Federal Reserve policy.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.5%, hit by a 0.4% fall in top lender Commercial International Bank (COMI.CA).
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