Egypt Stock Exchange
Most of the stock markets in the Gulf closed higher in the first trading sessions, Sunday, in the wake of the rise in oil prices on Friday, and the Saudi index continued to achieve gains for the third consecutive session.
Oil prices, a major catalyst for financial markets in the Gulf, rose on Friday after the International Energy Agency expected record global demand and shrinking supplies, prompting oil to gain for the seventh straight week in the longest winning streak since 2022.
The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday that it expects global oil demand to rise by 2.44 million barrels per day this year, keeping its previous forecast unchanged.
It added that oil market prospects look good in the second half of the year.
stock movements
The Saudi index rose by 1.1 percent, to achieve gains for the third consecutive session, supported by the rise of the share of the oil giant Saudi Aramco, 1.6 percent.
Several sources had reported on Friday that Aramco had told its clients in North Asia that they would receive the full quantities of crude oil they requested in September, even as Saudi Arabia extended the voluntary production cut.
The Qatari index rose 0.4 percent, with Industries Qatar Petrochemical Company rising 0.8 percent.
Outside the Gulf region, the blue-chip index in Egypt closed up 0.8 percent.
The Central Bank of Egypt announced on Thursday that Egypt will offer one-year euro-denominated treasury bills worth 600 million euros in an auction on Monday.
2023-08-13 14:59:03
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