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 edged 0.2% higher, with Al Rajhi Bank rising 0.4% and Saudi Arabian Mining Co advancing 1.9%.
Elsewhere, oil giant Saudi Aramco 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 added 0.1%, with the Gulf’s biggest lender Qatar National Bank increasing 0.4%.
Outside the Gulf, Egypt’s blue-chip index fell 0.8%, as most of its constituents were in negative territory including Talaat Mostafa Group, 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 rose 0.2% to 11,865
QATAR was up 0.1% to 10,410
EGYPT lost 0.8% to 30,397
BAHRAIN added 0.1% to 2,035
OMAN dropped 1.1% to 4,560
KUWAIT down 0.2% to 7,819
