The rise of most Gulf stock markets coincided with the oil boom

Most Gulf stock markets closed higher on Monday, with oil prices rising after the OPEC+ group announced more production cuts in an unexpected move.

The Saudi stock market’s main index rose 1.6 percent, Riyadh Bank rose 5.9 percent, and Riedel Urban Development Company rose 1.2 percent.

And Saudi Arabia announced it would cut production by 500,000 barrels per day. The Saudi Arabian Ministry of Energy is a precautionary measure by the Kingdom aimed at supporting the stability of the oil market.

Ahmed Najm, head of market research for the Middle East and North Africa at XS.com, said the reopening of the Chinese economy could lead to a rise in Saudi oil exports despite lower-than-expected data for the manufacturing sector. In China.

The main index on the Dubai Stock Exchange rose 0.9 percent, with leading Emaar Properties up 3.2 percent.

The Abu Dhabi market index rose 0.8 percent.

Qatar’s benchmark index rose 2 percent, ending a three-session losing streak, after Qatar National Bank, the Gulf’s biggest lender, rose 3.7 percent.

Outside the Gulf region, the Egyptian blue-chip index rose 2.2 percent, with most stocks listed on the index rising, including the International Bank of Commerce, which rose 1.9 percent.

Egypt’s central bank raised overnight interest rates by 200 basis points after a monetary policy committee meeting on Thursday, saying it was a move to keep inflation under control.

Negm said the central bank’s decision to raise interest rates could boost the banking sector, given the prospect of improving profit margins.

He said the move could also contribute to attracting interest from international investors and shows the bank’s measures to curb high inflation.

See also  Egyptian pound resumes 1.2% fall today through Investing.com

(Reuters)

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 22 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare