Stock markets in the Gulf ended higher on Sunday in response to rising oil prices amid persistent regional tensions stoked by the Israel-Hamas conflict.
Oil prices - a key catalyst for the Gulf’s financial markets - rose 1.51% on Friday with Brent futures settling at $78.76 a barrel.
Saudi Arabia’s benchmark index was up for a second consecutive session, ending 1.2% higher, with all sectors in positive territory.
Saudi Arabia cuts Feb Arab Light crude price to Asia to 27-month low
Alinma Bank advanced 4.9%, the sharpest rise in more than two months, and Al Rajhi Bank, the world’s largest Islamic lender, climbed 1.5%.
Among the gainers, oil major Saudi Aramco and Arabian Pipes added 0.6% and 5.4% respectively.
The Qatari index edged up 0.1%, supported by gains in financial, communications and energy sectors with Qatar National Bank, the region’s largest lender, surging 1.4% and Qatar Navigation climbing 2.6%.
Meanwhile, top U.S and European diplomats sought ways on Sunday to keep the Gaza war from spreading further in the volatile Middle East.
SAUDI ARABIA rose 1.2% to 12,285
QATAR gained 0.1% to 10,444
EGYPT Closed
BAHRAIN added 0.3% to 1,978
OMAN gained 0.4% to 4,595
KUWAIT rose 1.1% to 7,730
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