DUBAI: Middle East stock markets ended higher on Wednesday, mirroring global mood as investors diverted their attention toward stocks amid a selloff in bond markets.
Oil prices rose as Russian and Kazakh crude exports via the CPC pipeline were disrupted due to damage from storms. U.S. President Joe Biden is set to announce more Russian sanctions when he meets with European leaders on Thursday in Brussels, while European Union member countries remain split on whether to ban imports of Russian crude and oil products. Saudi Arabia’s benchmark index gained 0.5%.
State-run Saudi Aramco ended down 1.2% while Alkhorayef Water and Power Technologies dropped 1.3% after both stocks began trading ex-dividend.
Abu Dhabi’s index reversed early losses to end nearly 1% higher.
International Holding Co, the most valuable listed firm in Abu Dhabi, ended 0.7% lower after the company said it recommended to not distribute a dividend for 2021.
Dubai’s main share index rose 0.4%, boosted by index heavyweights Emaar Properties and Emirates Integrated Telecommunic-ations Company.
Shares of Shuaa Capital ended up 2.7%, after the company said it would launch a $250 million regional venture debt fund.
The Qatari index reversed course to close nearly 1% up, gaining for a third consecutive session. Outside the Gulf, Egypt’s blue-chip index rose 0.7%, ending higher for a seventh straight session.
“The Egyptian stock market recorded price corrections after this week’s sharp increases,” said Farah Mourad, Senior Market Analyst of XTB MENA.
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