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.

#SaudiArabia's Avalon Pharma plans IPO on main market | Reuters

Saudi Arabia's Avalon Pharma plans IPO on main market | Reuters

Saudi pharmaceutical manufacturer Middle East Pharmaceutical Industries Company, known as Avalon Pharma, on Sunday said it would sell shares on the Saudi Exchange's Main Market through an initial public offering (IPO).

The company has received approval to offer six million shares, or 30% of its issued share capital, with final pricing to be determined following a Jan. 14-18 book-building period, a company statement said.

Headquartered in Riyadh, Avalon Pharma's main activities include the development, manufacturing, and marketing of consumer health and beauty brands as well as generic prescription medicines.

Aldukheil Financial Group has been appointed financial adviser and bookrunner for the IPO while Alinma Investment is acting as lead manager.