June 2, 2023

Dubai Week

Complete Dubai News World

The rise of most Gulf stock markets coincided with the oil boom

Most Gulf stock markets closed higher on Monday, with oil prices rising after the OPEC+ group announced more production cuts in an unexpected move.

The Saudi stock market’s main index rose 1.6 percent, Riyadh Bank rose 5.9 percent, and Riedel Urban Development Company rose 1.2 percent.

And Saudi Arabia announced it would cut production by 500,000 barrels per day. The Saudi Arabian Ministry of Energy is a precautionary measure by the Kingdom aimed at supporting the stability of the oil market.

Ahmed Najm, head of market research for the Middle East and North Africa at XS.com, said the reopening of the Chinese economy could lead to a rise in Saudi oil exports despite lower-than-expected data for the manufacturing sector. In China.

The main index on the Dubai Stock Exchange rose 0.9 percent, with leading Emaar Properties up 3.2 percent.

The Abu Dhabi market index rose 0.8 percent.

Qatar’s benchmark index rose 2 percent, ending a three-session losing streak, after Qatar National Bank, the Gulf’s biggest lender, rose 3.7 percent.

Outside the Gulf region, the Egyptian blue-chip index rose 2.2 percent, with most stocks listed on the index rising, including the International Bank of Commerce, which rose 1.9 percent.

Egypt’s central bank raised overnight interest rates by 200 basis points after a monetary policy committee meeting on Thursday, saying it was a move to keep inflation under control.

Negm said the central bank’s decision to raise interest rates could boost the banking sector, given the prospect of improving profit margins.

He said the move could also contribute to attracting interest from international investors and shows the bank’s measures to curb high inflation.

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