DUBAI: Saudi Arabia’s stock markets ended higher on Sunday after Friday’s rise in oil prices, although the Qatari index extended losses for a second session.
Oil prices - a key catalyst for the Gulf’s financial markets - were up on Friday in a fourth straight week of gains after the West’s energy watchdog said global demand will hit a record high this year on the back of a recovery in Chinese consumption.
Saudi Arabia’s benchmark index gained 0.6%, led by a 1.2% increase in Al Rajhi Bank, while oil giant Saudi Aramco added 0.8%.
Saudi Crown Prince Mohammed Bin Salman launched on Thursday four new Special Economic Zones in Saudi Arabia, state media reported on Thursday after the market had closed, citing a statement.
The kingdom will allow 100% foreign ownership of companies in the new economic zones.
In Qatar, the index fell 0.4%, extending losses for a second session, with petrochemical maker Industries Qatar losing 1.5%.
GDP growth in the Middle East and North Africa region will slow to 3.1% in 2023, from 5.3% a year ago, International Monetary Fund (IMF) Middle East and Central Asia department director Jihad Azour said on Thursday.
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