Books – Muhammad Awad:
Most stock exchanges in the Arab Gulf countries closed higher today, Sunday, driven by the rise in oil prices on Friday, also affected by Russian plans to cut oil production next month, according to Reuters.
Oil, which fuels the region’s economies, rose more than 2%, with Brent crude rising $1.89 to $86.39 a barrel.
Russia plans to cut oil production by 500,000 barrels per day in March, or about 5% of its total production.
On this, OPEC Secretary-General Haitham Al-Ghais said today, Sunday, that the organization expects oil demand to exceed pre-pandemic levels this year, to reach approximately 102 million barrels per day.
Observers said that this news pushed the Gulf indices to rise, as the main index of the Kingdom of Saudi Arabia (.TASI) rose by 0.1%, supported by gains in the energy, consumption and real estate sectors.
In that, the share of the oil giant Saudi Aramco rose 0.2%, while the share of the real estate developer, Real Estate Urban Development, rose 0.3%, and the shares of the Saudi British Bank rose 2%, after it announced last Thursday a 52% increase in full net profit for the year. .
The consumer sector jumped as well, with shares of Abdullah Al-Othaim Markets gaining 6.3% after posting a 31.4% rise in fourth-quarter net profit.
Likewise, the Qatari stock index increased by 0.1%, supported by gains in the industrial and energy sectors, with Industries Qatar and Qatar Fuel rising by 3.4% and 0.9%, respectively.
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