Sunday 7 January 2024

Gulf bourses rise on higher oil prices | Reuters

Gulf bourses rise on higher oil prices | Reuters


Stock markets in the Gulf ended higher on Sunday in response to rising oil prices amid persistent regional tensions stoked by the Israel-Hamas conflict.

Oil prices - a key catalyst for the Gulf's financial markets - rose 1.51% on Friday with Brent futures settling at $78.76 a barrel.

Saudi Arabia's benchmark index (.TASI) was up for a second consecutive session, ending 1.2% higher, with all sectors in positive territory.

Alinma Bank (1150.SE) advanced 4.9%, the sharpest rise in more than two months, and Al Rajhi Bank (1120.SE), the world's largest Islamic lender, climbed 1.5%.

Among the gainers, oil major Saudi Aramco (2222.SE) and Arabian Pipes (2200.SE) added 0.6% and 5.4% respectively.

The Qatari index (.QSI) edged up 0.1%, supported by gains in financial, communications and energy sectors with Qatar National Bank (QNBK.QA), the region's largest lender, surging 1.4% and Qatar Navigation (QNNC.QA) climbing 2.6%.

Meanwhile, top U.S and European diplomats sought ways on Sunday to keep the Gaza war from spreading further in the volatile Middle East.

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