© Reuters. Saudi traders follow the movement of stock trading inside the Saudi Bank in Riyadh in a photo from the Reuters archive.
I am Mohammad Manzar Hossein
(Reuters) – Stock markets in the Gulf region rose on Sunday, imitating a rise in light of the continuing regional tensions sparked by the conflict between and the Palestinian Islamic Resistance Movement (Hamas).
Oil prices, the main catalyst for financial markets in the Gulf, increased 1.51 percent on Friday, and crude futures closed at 78.76 per barrel.
Senior American and European diplomats discussed on Sunday ways to prevent the expansion of the Gaza war in the Middle East, but the ongoing bloodshed shows the difficulties facing these efforts three months after the start of the conflict.
The main stock rose for the second session in a row and closed 1.2 percent higher, with all sectors rising.
The shares of Alinma Bank (TADAWUL:) rose 4.9 percent, which is the largest rise in more than two months, and the shares of Al Rajhi Bank, the largest Islamic bank in the world, rose 1.5 percent.
Among the winners were the oil giant Saudi Aramco (TADAWUL:) and the Arab Pipeline Company, by 0.6 percent and 5.4 percent, respectively.
The Qatari index rose 0.1 percent, supported by gains in the financial, communications and energy sectors. Shares of Qatar National Bank, the largest bank in the region, increased 1.4 percent, and shares of Qatar Navigation Company rose 2.6 percent.
The Bahraini index rose 0.3 percent, the Omani index rose 0.4 percent, and the Kuwaiti index rose 1.1 percent.
Outside the Gulf region, the Egyptian Stock Exchange closed its doors on Sunday due to an official holiday.
(Prepared by Mahmoud Reda Murad for the Arabic Bulletin)
2024-01-07 13:31:00
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