© Archyde.com. A screen displaying stock data on the Saudi Stock Exchange in Riyadh – Photo from Archyde.com archive.
(Archyde.com) – The stock market closed higher on Thursday, posting its biggest weekly gain since July, supported by higher oil prices, although the Qatari stock market reversed direction and closed lower.
Crude oil prices, a major catalyst for Gulf financial markets, rose more than one due to tight supplies and news that China is considering reducing the quarantine period for incoming visitors.
It rose 1.4 percent, supported by a rise in Al-Rajhi Bank (TADAWUL:) 2.3 percent and a jump in Riyad Bank (TADAWUL:) by 4.6 percent.
“The Saudi Stock Exchange has resumed its recovery, supported by the rise in oil prices… However, the market may witness some price correction if prices start to decline again,” said Farah Murad, chief market analyst at (XTP MENA).
The Saudi index posted its biggest weekly gain of 4.7 percent since July.
Among other gainers, Saudi oil giant Aramco (TADAWUL:) rose 0.8 percent after a Bloomberg News report said it is pushing ahead with plans for an initial public offering of its energy business by the end of this year or early 2023.
It rose 0.6 percent as the share of Etisalat & More (&e), formerly known as Etisalat, made a three percent jump.
It rose 0.3 percent, supported by a 1.2 percent increase in Emirates NBD Bank (DFM:) and a 5.4 percent jump in Deyaar Development Company (DFM:).
The country index was flat, unchanged.
Outside the Gulf region, the main index rose 1.2 percent, with Fawry Banking Technology and Electronic Payments (EGX:) rising 5.6 percent.
(Prepared by Noha Zakaria for the Arab Bulletin – Editing by Ahmed Maher)