June 25, 2022

Dubai Week

Complete Dubai News World

Most Gulf stock markets rose

Most Gulf stock markets rose

London (Reuters) – It soared Most stock markets in the Gulf region Today, Wednesday, following the high oil prices, investors ignored the impact of the increase in Govt-19 infections caused by Omigron strain.
Crude oil prices, one of the main drivers of the financial markets in the Gulf, stabilized close to $ 80 a barrel after OPEC Plus oil producers promised to increase production to the agreed target for February.
The Organization of the Petroleum Exporting Countries (OPEC) and a group of producing nations, including Russia’s allies, decided on Tuesday to increase production to 400,000 barrels a day in February.
Saudi National Bank, the country’s largest bank, rose 2.7 percent to 11,453 points, up 0.9 percent, thanks to a rise in shares of Saudi Basic Industries Corporation (SAPIC). Produces 1.4 percent of petrochemicals.
On Tuesday, the kingdom registered 2,585 new infections with the corona virus, an increase of 1,000 cases on Sunday. With over 4,700 injuries, the number is still lower than its peak in June 2020.
The Doha Securities Market Index was up 1.8 percent at 11,922 points, including 3.54 percent, including listed petrochemical maker Industries Qatar.
Shares of Qatar Electricity and Water rose 1.1 percent after the subdivision signed a deal to buy a 40 percent stake in Nebras Power Company for $ 530 million.
Dubai’s benchmark index was up 0.3 percent at 3,225 points, while blue-chip Emer Properties was up 1.4 percent.
The Abu Dhabi market index remained unchanged at 8407 points.
The Muscat market index was up 0.2 percent at 4,187 points and the Kuwaiti index was up 0.7 percent at 7,724 points. The Bahrain index stood at 1796 points.
Outside the Gulf, the main index of the Egyptian market was up 0.5 percent to 12,043 points, up 2.2 percent, led by the Eastern Tobacco Monopoly.
Egypt aims to achieve 5.7 percent growth in fiscal year 2022-2023, and the government wants to continue to expand, Minister Mohamed Moid said on Wednesday, according to a statement from the Egyptian Ministry of Finance.

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