Saudi Arabia’s stock market rose in early trade on Thursday, leading gains in the Gulf region, on track to extend its rebound for a second session following a slide.

On Monday, the Saudi bourse hit its lowest in over 9 months, as fears grew that racing to raise interest rates to tame inflation will drag the global economy into recession.

Saudi Arabia’s benchmark index advanced 1.5%, buoyed by a 1.9% rise in oil behemoth Saudi Aramco and a 1% increase in Al Rajhi Bank.

Separatelty, Arabian Drilling Company, a Saudi oilfield services firm, will price its planned initial public offering between 90 riyals and 100 riyals per share, HSBC Saudi Arabia said on Wednesday.

Arabian Drilling, which operated 45 rigs as of 2021 and has been drilling since 1964, will sell 30% of the company, or 26.7 million shares.

Most Gulf stocks rise in line broader Asian gains

That includes 17.7 million existing shares held by The Industrialization & Energy Services Company (TAQA) and 9 million new shares.

Dubai’s main share index 0.4%, helped by a 0.3% gain in blue-chip developer Emaar Properties.

Elsewhere, the emirate’s toll-road operator Salik surged 20% above its listing price on its market debut in a sign that investors still have appetite for local flotations despite skittish global markets.

The company is the third state-linked entity to execute a Dubai listing successfully this year in a programme aimed at attracting investor interest in the domestic stock exchange.

In Abu Dhabi, the index added 0.3%.

The Qatari index climbed 1.1%, boosted by a 2.2% leap in petrochemical maker Industries Qatar.