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 advanced 1.9%, with Qatar Islamic Bank rising 2.4% and Islamic lender Masraf Al Rayan closing 3.9% higher.
Among other gainers, Mekdam Holding jumped 3.6%, after reporting a rise in first-half profit.
Saudi Arabia’s benchmark index added 0.4%, led by a 3.6% gain in petrochemical firm Yansab.
Oil prices, solid earnings boost major Gulf markets; Abu Dhabi retreats
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.
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 finished 1% higher, with Commercial International Bank 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.
SAUDI ARABIA rose 0.4% to 12,199
QATAR gained 1.9% to 13,370
EGYPT was up 1% to 9,467
BAHRAIN eased 0.7% to 1,467
OMAN rose 0.8% to 3,697
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