Major Gulf stock markets ended higher on Tuesday, fueled by rising oil prices, as investors bet on OPEC+ extending its production cuts at Thursday’s meeting, although Qatar’s index bucked the trend with a flat close.
Oil prices, a major driver for Gulf economies, were trading at $73.01 a barrel, up 1.7% by 0114 GMT.
Saudi Arabia’s benchmark stock index advanced 0.7% on broad-based gains across nearly all sectors. The top gainers included Al Taiseer Group TALCO Industrial, which jumped 3.4%, while ACWA Power rose 1.5%.
Saudi National Bank, the kingdom’s largest lender by assets, added 1.9%, while Saudi Arabian Mining (Ma’aden) climbed nearly 2%.
Meanwhile, United International Holding Company surged 30% in market debut to 171.6 riyals compared to IPO price of 132 riyals.
Separately, Saudi Arabia’s non-oil business sector experienced its fastest expansion in four months during November, driven by a surge in demand.
Qatar’s benchmark index closed flat, its third consecutive session in the red. Industrial and telecom stocks weighed heavily on the market, with Industries Qatar and Ooredoo dropping over 1%.
Most Gulf markets end flat on regional tensions
QatarEnergy, the state-owned petroleum giant, signed a long-term liquefied natural gas (LNG) sales and purchase agreement with Shell on Monday to supply LNG to China.
Outside the Gulf, Egypt’s benchmark index extended its winning streak to four consecutive days, rising 0.2%. Commercial International Bank (CIB), the country’s largest private bank, added 0.7%, and Ezz Steel advanced 2.2%.
Among other stocks, Acrowmisr for Metallic Scaffoldings and Frameworks gained nearly 2% following a more than 80% jump in third-quarter profit.
Markets in the United Arab Emirates were closed for a public holiday.
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SAUDI ARABIA gained 0.7% to 11,816
QATAR traded flat at 10,389
EGYPT rose 0.3% to 30,629
BAHRAIN inched up 0.1% to 2,033
OMAN gained 0.1% 4,573
KUWAIT up 0.1% at 7,775
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Source: Brecorder
