Most stock markets in the Gulf region closed higher on Tuesday, the last Tuesday of 2021, and the Saudi market index moved higher amid fears of a negative economic impact of the spread of the mutated Omigran strain. Corona virus.
The Saudi stock index rose 1.4 percent, Al Rajhi Bank 2.9 percent and the Saudi Basic Industries Association (SAPIC) 1.7 percent.
Wael Makarem, Exness’s chief market strategist, said one of the factors supporting the market was the decline in fears about rising oil prices and the possible consequences of the Omicron mutation in the world economy.
“However, if oil prices return to their decline, the market will still be exposed to new price revisions,” he added.
Oil prices, one of the main drivers of the Gulf financial markets, continued to rise, bringing the price of Brent crude to close to $ 80 a barrel, and the market ignored concerns about Omicron.
Shares of Dubai’s core index rose 0.3 percent, Blue-chip Emer Properties rose 1.2 percent and Dubai Islamic Bank rose 0.4 percent.
In Abu Dhabi, the country’s largest bank, First Abu Dhabi Bank, saw its core stock index fall 0.2 percent, down 0.9 percent.
The stock index rose 0.5% on the Doha Stock Exchange, ending its downward trend in the previous two sessions, while the share of Qatar National Bank rose 1%.
Outside the Gulf, the Egyptian market index rose 0.5 percent, thanks to a 4.6 percent increase in the Abu Gir fertilizer and chemical industries.