Saudi Arabia's stock market ended higher on Sunday in response to Friday's rise in oil prices, although the gains were limited as investors awaited further interest rate insight from the U.S. Federal Reserve.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, led by a 1.7% rise in petrochemical maker Saudi Basic Industries Corp (2010.SE) and a 1.8% increase in Riyad Bank (1010.SE).
Oil prices - a key catalyst for the Gulf's financial markets - rose about 1% on Friday following a slump in U.S. crude production, which could exacerbate an anticipated supply tightness through the rest of this year.
In Qatar, the index (.QSI) edged 0.1% higher, helped by a 1.3% gain in Commercial Bank (COMB.QA).
Investors will scrutinise a speech from Fed Chair Jerome Powell on Friday for clues about the interest rate outlook.
Oil and gas exporting countries in the Gulf tend to follow the Fed's rate move, as most regional currencies are pegged to the U.S. dollar. Only the Kuwaiti dinar is pegged to a basket of currencies, which includes the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.4%, with tobacco monopoly Easter Company (EAST.CA) advancing 2.9%.
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