Most stock markets in the Gulf ended higher on Wednesday on optimism around China scrapping most of its stringent COVID-19 curbs, although rising infections in the country capped gains.

Saudi Arabia’s benchmark index advanced 1.2%, buoyed by a 4.3% jump in Riyad Bank and a 2.5% increase in Dr Sulaiman Al-Habib Medical Services.

The Saudi bourse continued its rebound thanks to better price levels in oil markets this month and a steady stream of initial public offerings, said Wael Makarem, senior market strategist – MENA at Exness.

“However, the main index remains exposed to another series of price corrections due to uncertainties in energy markets.”

Shares in Saudi Aramco’s base oil subsidiary Luberef closed 4% lower at 95 riyals, below its listing price in its Riyadh market debut on Wednesday.

In Abu Dhabi, the index added 0.4%, helped by a 1.6% rise in the country’s biggest lender First Abu Dhabi Bank.

Gulf markets rise on China optimism, Saudi leads

However, Dubai’s main share index eased 0.1%, hit by a 2.6% fall in top lender Emirates NBD.

Outside the Gulf, Egypt’s blue-chip index finished 0.6% higher, with local investors being net buyers.

====================================== SAUDI ARABIA    rose 1.2% to 10,485 ABU DHABI       up 0.4% to 10,293 DUBAI           down 0.1% to 3,344 QATAR           added 0.3% to 10,796 EGYPT           up 0.6% to 14,578 BAHRAIN         firmed 0.2% to 1,880 OMAN            was up 0.6% to 4,872 KUWAIT          gained 0.5% to 8,136======================================