Islamabad, Dec 30: Most Gulf stock markets ended higher on Sunday, following a rise in oil prices on Friday, while Egypt’s index closed lower. Oil prices, a key driver for the Gulf’s financial markets, rose more than 1% on Friday, supported by a larger-than-expected decline in U.S. crude inventories. Additionally, optimism surrounding China’s economic growth fueled expectations of increased demand from the world’s top oil importer. The World Bank raised its growth forecast for China in 2024 and 2025.
In Saudi Arabia, the benchmark index (.TASI) gained 0.4%, driven by a 1.7% rise in Saudi National Bank and a 1.8% increase in ACWA Power. BAAN Holding Group advanced 2% after announcing binding agreements for the acquisition of real estate assets. Qatar’s index (.QSI) rose 0.9%, with Qatar National Bank up 0.9%.
In contrast, Egypt’s blue-chip index (. EGX30) declined 1.2%, with most of its constituents, including Commercial International Bank, in negative territory. The Central Bank of Egypt kept interest rates unchanged on Thursday, forecasting a sharp deceleration in inflation by early 2025, although inflation remained high.
Here are the closing figures:
- Saudi Arabia: (.TASI) +0.3% to 11,893
- Qatar: (.QSI) +0.9% to 10,512
- Egypt: (.EGX30) -1.2% to 29,666
- Bahrain: (.BAX) flat at 1,985
- Oman: (.MSX30) +1.1% to 4,516
- Kuwait: (.BKP) -0.1% to 7,861
