AGL 39.60 Decreased By ▼ -0.40 (-1%)
AIRLINK 131.40 Increased By ▲ 1.87 (1.44%)
BOP 6.81 Increased By ▲ 0.13 (1.95%)
CNERGY 4.51 Decreased By ▼ -0.12 (-2.59%)
DCL 8.85 Decreased By ▼ -0.09 (-1.01%)
DFML 41.96 Increased By ▲ 0.27 (0.65%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 76.70 Increased By ▲ 1.23 (1.63%)
FFL 11.90 Increased By ▲ 0.43 (3.75%)
HUBC 109.70 Decreased By ▼ -0.85 (-0.77%)
HUMNL 14.39 Decreased By ▼ -0.17 (-1.17%)
KEL 5.46 Increased By ▲ 0.07 (1.3%)
KOSM 8.26 Decreased By ▼ -0.14 (-1.67%)
MLCF 39.50 Decreased By ▼ -0.29 (-0.73%)
NBP 64.00 Increased By ▲ 3.71 (6.15%)
OGDC 196.69 Decreased By ▼ -2.97 (-1.49%)
PAEL 25.86 Decreased By ▼ -0.79 (-2.96%)
PIBTL 7.59 Decreased By ▼ -0.07 (-0.91%)
PPL 156.62 Decreased By ▼ -1.30 (-0.82%)
PRL 26.30 Decreased By ▼ -0.43 (-1.61%)
PTC 18.30 Decreased By ▼ -0.16 (-0.87%)
SEARL 81.75 Decreased By ▼ -0.69 (-0.84%)
TELE 8.08 Decreased By ▼ -0.23 (-2.77%)
TOMCL 34.30 Decreased By ▼ -0.21 (-0.61%)
TPLP 8.80 Decreased By ▼ -0.26 (-2.87%)
TREET 16.80 Decreased By ▼ -0.67 (-3.84%)
TRG 58.92 Decreased By ▼ -2.40 (-3.91%)
UNITY 27.55 Increased By ▲ 0.12 (0.44%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,604 Increased By 197.1 (1.89%)
BR30 31,724 Increased By 10.5 (0.03%)
KSE100 98,699 Increased By 1370.7 (1.41%)
KSE30 30,687 Increased By 494.6 (1.64%)
Markets

Saudi at its highest in over 15-years, Qatar edges up

  • Saudi Arabia's benchmark index gained 0.3%, with Dr Sulaiman Al-Habib Medical Services Group advancing 5.2% and Al Rajhi Bank closing 0.6% higher
Published October 21, 2021

Saudi Arabia's stock market ended higher on Thursday, to remain at its highest in over 15 years, amid strong oil prices, while the Qatari index registered its twelfth weekly gain in thirteen.

Investors remain optimistic in the region. Equities are buoyed by the good earnings season and the high level of energy prices, said Wael Makarem, senior market strategist at Exness.

"Additionally, the improved sanitary conditions should help the economy return to normal."

Saudi Arabia's benchmark index gained 0.3%, with Dr Sulaiman Al-Habib Medical Services Group advancing 5.2% and Al Rajhi Bank closing 0.6% higher.

Oil hit a three-year high above $86 a barrel driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched.

Abu Dhabi outperforms Gulf markets; Saudi retreats

Elsewhere, oil behemoth Saudi Aramco added 0.5% after HSBC raised its target price to 38.8 riyals ($10.34) from 37.5 riyals earlier, nearing a $2 trillion valuation.

Economies in the six-member Gulf Cooperation Council (GCC) will grow faster next year than previously thought, according to a Reuters poll of economists who warned a decline in oil and gas prices was the biggest risk to their outlook.

All GCC economies are highly reliant on oil and gas exports and any disruption in energy prices due to geopolitical tension and a slowdown in the global economy could hurt the recovery.

Saudi Arabia, the Gulf's largest economy will see a 5.1% economic growth next year after a modest 2.3% expansion this year and a sharp 4.1% contraction last year, the poll showed.

In Qatar, the benchmark index edged 0.1% higher, supported by a 3.5% jump in Qatar Gas Transport (Nakilat) , rising for a seventh session in eight.

On Sunday, Nakilat, one of the world's largest shippers of liquefied natural gas, reported a net profit of 1 billion riyals for the nine months ended Sept. 30, up from 899.5 million riyals a year ago. Elsewhere, developer United Development Co added 0.4%, a day after it posted a strong net profit for the first nine-months of 2021.

Comments

Comments are closed.