Most stock markets in the Gulf ended higher on Sunday, with the Qatari index outperforming the region as it drew support from rising oil prices and strong corporate earnings.
Crude prices, a catalyst for the Gulf's financial markets, rose more than $2 a barrel to settle at $110.01 a barrel on Friday ahead of the coming week's OPEC+ meeting. Sources say it will consider leaving output unchanged.
In Qatar, the index (.QSI) advanced 1.9%, with Qatar Islamic Bank (QISB.QA) rising 2.4% and Islamic lender Masraf Al Rayan (MARK.QA) closing 3.9% higher.
Among other gainers, Mekdam Holding (MKDM.QA) jumped 3.6%, after reporting a rise in first-half profit.
Saudi Arabia's benchmark index (.TASI) added 0.4%, led by a 3.6% gain in petrochemical firm Yansab (2290.SE).
The kingdom's gross domestic product rose by 11.8% in the second quarter compared with the same period in 2021, initial government estimates found on Sunday, as the world's top oil exporter benefits from higher energy prices. read more
Growth was largely driven by a 23.1% increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.4%.
Beyond the Gulf, Egypt's blue-chip index (.EGX30) finished 1% higher, with Commercial International Bank (COMI.CA) climbing 1.2%.
Egypt's M2 money supply rose by 23.4% year-on-year in June, data from the central bank showed on Sunday. read more
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