Most Gulf stock markets are rising amid rising oil prices

Shafaq News/ Most Gulf stock markets ended higher on Sunday amid rising oil prices, while the Saudi index fell after some weak corporate earnings.

Oil prices, a catalyst for Gulf financial markets, rose on Friday on stronger economic data from China and the ongoing conflict in the Middle East, with Brent reaching $84.24 a barrel.

Qatar’s benchmark rose 0.1 percent, supported by a 0.7 percent gain in Industries Qatar and a 0.8 percent gain in Qatar Islamic Bank.

Saudi Arabia’s benchmark index fell for a second straight session and ended 0.6% lower, weighed down by losses in almost all sectors.

ACWA fell 4.7 percent after the private utility firm reported a 54 percent drop in first-quarter net profit on Thursday. However, its quarterly profit was up 9.8% from a year earlier.

Among others, Saudi Arabia’s mobile telecommunications company known as Zain KSA fell 1.5 percent after posting a 94.1 percent drop in its quarterly net profit.

Outside the Gulf, Egypt’s blue-chip index fell 3.3 percent, with most of its constituents posting losses, led by real estate, materials and healthcare stocks.

Talaat Mostafa Group fell 6.3 percent and Abu Qir Fertilizers lost 5.2 percent. However, Abu Dhabi Islamic Bank Egypt gained 2.4 percent after reporting a 110 percent rise in its quarterly net profit.