DUBAI: Stock markets in the Gulf ended mixed on Sunday, with the Saudi index hovering near a 15-year high amid rising oil prices as geopolitical turmoil exacerbated concerns over tight energy supply.
Brent futures rose 69 cents to settle at $90.03 a barrel, after hitting $91.70, the highest level since October 2014.
Crude prices drew support from concerns over a possible military conflict in Ukraine that could disrupt energy markets, especially natural gas supply to Europe.
Saudi Arabia’s benchmark index gained 0.7%, with petrochemical maker Saudi Basic Industries Corp rising 1.5% and oil giant Saudi Aramco closing 0.7% higher.
The kingdom’s energy index was up 0.6%.
Separately, Saudi Arabian digital security firm Elm, owned by the kingdom’s sovereign wealth fund, is set to raise 3.07 billion riyals ($818.27 million) after pricing its initial public offering at the top of its indicative price range.
The country’s bourse operator Tadawul said in December it had 50 applications from companies for IPOs this year and is considering whether to allow blank-cheque companies, known as SPACs, to list.
In Qatar, the index fell 0.1%, hit by a 1.8% fall in sharia-compliant lender Masraf Al Rayan following a decline in its annual profit.
Outside the Gulf, Egypt’s blue-chip index lost 0.4%, extending losses for a fourth session, pressured by a 3.2% fall in Talaat Mostafa Holding.
SAUDI ARABIA rose 0.7% to 12,259
QATAR eased 0.1% to 12,495
EGYPT lost 0.4% to 11,457
BAHRAIN was flat at 1,807
OMAN fell 0.5% to 4,152
KUWAIT added 0.1% to 8,001.
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