LONDON (Archyde.com) – It rose Most stock markets in the Gulf region Today, Wednesday, following high oil prices, investors ignored the impact of an increase in Covid-19 infections caused by the Omicron mutant.
Crude oil prices, which are one of the main drivers of financial markets in the Gulf, stabilized near $ 80 a barrel, after the OPEC Plus oil producers committed to the agreed target increase in production for the month of February.
The group of producing countries, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, decided on Tuesday to increase production by 400,000 barrels per day in February.
The main Saudi market index rose 0.9 percent to 11,453 points, thanks to the rise of the Saudi National Bank, the largest bank in the country, by 2.7 percent, and the rise in the share of the Saudi Basic Industries Corporation (SABIC), which produces petrochemicals by 1.4 percent.
On Tuesday, the kingdom recorded 2,585 new infections with the Corona virus, up from 1,000 cases on Sunday. The number is still less than its peak in June 2020, when it exceeded 4,700 injuries.
The Doha Securities Market index rose 1.8 percent to 11,922 points, with the rise of almost all shares listed on it, including the petrochemical producer Industries Qatar, which jumped 3.54 percent.
Shares of Qatar Electricity and Water Company rose 1.1 percent after a subsidiary unit signed an agreement to acquire 40 percent of the shares of Nebras Power Company for $530 million.
Dubai’s main index rose 0.3 percent to 3,225 points, thanks to a 1.4 percent increase in blue-chip Emaar Properties.
The Abu Dhabi market index settled unchanged at the end of trading at 8407 points.
The Muscat market index rose 0.2 percent to 4,187 points, and the Kuwait index rose 0.7 percent to 7,724 points. The Bahraini index settled at 1796 points.
Outside the Gulf region, the main index of the Egyptian market rose 0.5 percent to 12,043 points, in a direction led by the Eastern Tobacco monopoly, which rose 2.2 percent.
A statement by the Egyptian Ministry of Finance quoted Minister Mohamed Maait as saying today, Wednesday, that Egypt aims to achieve a growth of 5.7 percent in the 2022-2023 fiscal year, with the government aspiring to continue expansion.
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