The main stock exchanges in the Gulf region recorded a mixed performance at closing yesterday amid fluctuating oil prices, while the Qatari index jumped more than 1 percent, supported by the recovery in gas prices.
Oil prices, a major catalyst for Gulf financial markets, fluctuated as markets searched for a significant increase in US crude inventories and hopes for a recovery in Chinese demand.
Brent crude futures rose in the latest trading by 20 cents, or 0.23 percent, to $85.59 a barrel.
The Qatari index rose 1.8 percent, supported by a 2.9 percent rise in Industries Qatar Petrochemical Company, and a 5.5 percent jump in Masraf Al Rayan, with almost all other shares listed on the index rising.
According to Archyde.com, Fadi Riyad, senior market analyst at Capix.com Middle East and North Africa, attributed the rise after a series of losses to the end of a wave of falling natural gas prices.
Nymex natural gas futures jumped 3 percent.
Dubai’s benchmark closed 0.2 percent higher, supported by gains in the industrial and utilities sectors, after a volatile trading session.
In Abu Dhabi, the index fell 0.3 percent, affected by the decline in the share of First Abu Dhabi Bank, the largest bank in the UAE, by 1.8 percent, and the share of “Americana International Restaurants” by 5.5 percent.
The share of “Abu Dhabi National Energy” rose 3.2 percent after the Japanese “Jera” said yesterday that it had signed a memorandum of understanding with it to explore opportunities for developing carbon removal projects such as hydrogen and ammonia projects.
Bahrain’s index fell 0.05 percent to 1936 points. The Muscat index increased 0.4 percent at 4,653 points. The Kuwait index fell 0.2 percent to 8,232 points.
In Cairo, the main index of the Egyptian Stock Exchange fell 0.2 percent, to end gains that lasted for two sessions, affected by the decline in the share of the Commercial International Bank of Egypt, 1.5 percent.