Most Gulf markets gain on oil; Egypt falls
By Ateeq Shariff
Nov 24 (Reuters) -Most stock markets in the Gulf ended higher on Sunday in response to a rise in oil prices, although the Egyptian index retreated.
Oil prices - a catalyst for the Gulf's financial markets - climbed about 1% on Friday, settling at a two-week high, as the intensifying war in Ukraine boosted the market's geopolitical risk premium.
Saudi Arabia's benchmark index .TASI edged 0.2% higher, with Al Rajhi Bank 1120.SE rising 0.4% and Saudi Arabian Mining Co 1211.SE advancing 1.9%.
Elsewhere, oil giant Saudi Aramco 2222.SE was up 0.4%.
Aramco's digital arm is in talks to take a significant minority stake in U.S. telecommunications software maker Mavenir, Reuters reported on Friday, citing people familiar with the matter.
Global credit ratings agency Moody's upgraded Saudi Arabia's rating to "Aa3" from "A1" on Friday, citing the country's efforts to diversify beyond its oil economy.
The Qatari benchmark .QSI added 0.1%, with the Gulf's biggest lender Qatar National Bank QNBK.QA increasing 0.4%.
Outside the Gulf, Egypt's blue-chip index .EGX30 fell 0.8%, as most of its constituents were in negative territory including Talaat Mostafa Group TMGH.CA, which was down 1.7%.
Egypt's central bank kept its overnight interest rates unchanged on Thursday, saying that although the economy was growing below potential it would leave its monetary policy unchanged until inflation fell.
SAUDI ARABIA | .TASI rose 0.2% to 11,865 |
QATAR | .QSI was up 0.1% to 10,410 |
EGYPT | .EGX30 lost 0.8% to 30,397 |
BAHRAIN | .BAX added 0.1% to 2,035 |
OMAN | .MSX30 dropped 1.1% to 4,560 |
KUWAIT | .BKP down 0.2% to 7,819 |
Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine Hardcastle
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
