2024-01-28 15:16:36
Oil prices, a major catalyst for financial markets in the Gulf, stabilized at their highest levels in nearly two months on Friday, supported by expectations of higher demand, while concerns regarding supplies in the Middle East fueled the price increase.
Stock movements
The Saudi index closed up by 0.8 percent following recording losses in the previous session, and all sectors closed higher.
Saudi MBC Media Group shares jumped 7.5 percent, and Saudi SAL Logistics Services shares rose 4.4 percent.
Among the winners was Al Rajhi Bank shares, which rose 3.4 percent, its highest increase since December 14.
The Qatari index fell slightly to settle at the close following losses in the energy, finance and communications sectors erased gains in the industrial and utilities sectors.
US Commerce Department data on Friday showed that price pressures in the US eased in December, with markets hoping the data will encourage the Federal Reserve to start cutting interest rates by mid-year.
Outside the Gulf region, the Egyptian Stock Exchange index rose for the second session in a row and closed up 3.5 percent, supported by gains in most stocks, including a 2.4 percent rise in Commercial International Bank shares, and a 16.9 percent jump in Sidi Kerir shares.
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