May 18, 2022

Dubai Week

Complete Dubai News World

Gulf stock markets rise on rising oil prices

Dubai (Reuters)

Major stock markets in the Middle East rose on Thursday on rising oil prices after the International Energy Agency (IEA) said crude oil and Russian petroleum products could lose up to three million barrels of oil and Russian oil per day from April. Barrel at $ 101.09a 0844 GMT, after three consecutive sessions.
The market largely ignored the Federal Reserve’s decision to raise interest rates by a quarter of a percentage point, as expected.
The Qatari index rose 0.6 percent, supported by a 7 percent rise in Investment Holding Group’s stake after real estate finance company regulated approval to acquire Elegancia Group.
Shares of Qatar Electricity and Water Company and Mesaieed Petrochemical Holdings strengthened.
The Saudi index rose 0.2 percent on profit from the Middle East paper industry.
Shares of the Saudi-based company traded up 1.06 billion riyals for the year, up 4 percent after announcing a 17 percent increase in gross annual profit.
Dubai’s benchmark index rose 0.2 percent, with shares of Dubai Financial Market and Amlock Finance up.
Shares of the first Abu Dhabi Bank fell 1.5 per cent to 0.5 in morning trade, while the Abu Dhabi index was the only major Gulf index to fall.

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