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Major Gulf stock markets closed up on Thursday, moving in line with oil prices and global stocks, while Egypt retreated as blue chips declined.
Oil prices rose to begin the new year on Thursday, buoyed by signs of improving trade relations between the United States and China, which eased concern over demand and rising tensions in the Middle East.
U.S. President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on Jan. 15 at the White House, which is expected to reduce tariffs and boost Chinese purchases of American farm, energy and manufactured goods.
In Saudi, the benchmark index rose 0.5%, led by a 1.1% gain in Al Rajhi Bank and a 0.6% on Wednesday for the second half of 2019.
Among others, Saudi Automotive Services was up 0.5%, a day after it announced operations began at six sites. State-owned Saudi Aramco inched up 0.1% to 35.2 riyals ($9.39).
Egypt’s blue-chip index fell 0.4% as most of its shares ended lower. Eastern Company slid 3%, while Egypt Kuwait Holding dropped 3.3%.
Exchange data on Thursday showed foreigners were net sellers of Egyptian stocks.
Qatar’s index gained 0.8%, led by financial-services shares, with Masraf Al Rayan advancing 2.8% and Commercial Bank ending 3.2% higher.
In Abu Dhabi, the index was up 0.5% as the United Arab Emirates’ largest bank, First Abu Dhabi Bank, and telecommunications company Etisalat both gained 0.9%.
Dubai’s main stock index edged up 0.2%. Emaar Properties rose 0.8% and its unit Emaar Malls gained 1.6%.
($1 = 3.7506 riyals)
Source: africazine.com
