Most of the Gulf region’s stock exchanges closed on the rise today, and the Qatari index outperformed the rest of the indices, as a recent decline in commodity prices eased fears related to inflation and expectations of raising interest rates.
Archyde.com confirmed that the Qatar Stock Exchange is leading an upward trend for most of the Gulf stock exchanges, as the index in Qatar rose 3.2%, in the largest increase in a single day since April 2020, supported by a 7.8% rise in Qatar’s petrochemical manufacturing industries.
The Saudi index ended trading up 1.8 percent, with Al-Rajhi Bank gaining 1.9 percent and Sahara International Petrochemical Company (Sipchem) 5.3 percent.
Oil prices, a key driver of the Gulf financial markets, settled higher by more than $3 on Friday, supported by tight supply.
Outside the Gulf region, the Egyptian index closed with stability, as the losses in the information technology sector equaled the gains achieved by the shares of financial companies.