Major Gulf markets reversed course to end higher on Monday, boosted by strength in commodities, with oil prices soaring to $105 as Western allies imposed more sanctions on Russia and blocked some of the country's banks from a global payments system.
As an economic crisis loomed in Russia, the fallout of tougher sanctions from the West imposed over the weekend rippled out across financial markets. World stocks slid and the Russian rouble tanked to fresh lows.
Bucking the trend, Saudi Arabia's benchmark index (.TASI) ended 1.4% higher in its biggest daily percentage gain since Feb. 14. The index has risen 2.6% for the month.
"The Saudi stock market found support in the expectations of rising oil prices as Russian crude remains under threat. Saudi petroleum is seeing rising demand from Asian buyers that are moving to secure their supplies," said Wael Makarem, Senior Market Strategist – MENA at Exness.
Oil giant Saudi Aramco (2222.SE) lifted sentiment, rising 1.5%.
Food and retail company Savola Group (2050.SE) ended up 2.7%.
Scientific and Medical Equipment House (4014.SE) rose 30% to 67.6 riyals in its market debut, compared with the final IPO price of 52 riyals.
Dubai's main index (.DFMGI) gained 1.3% to mark its best month since November, rising 4.7% for the month.
In Abu Dhabi, the index (.FTFADGI) ended up 2.2%, rising the most in a single session since Dec. 6.
The index gained 7% on a monthly basis.
The Qatari index (.QSI) rose 2.3%, boosted by heavyweights Qatar National Bank (QNBK.QA) and Industries Qatar (IQCD.QA).
The index, which saw its best day since April 15, rose 3.6% this month.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended 0.3% lower.
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