Most of the major stock exchanges in the Gulf region closed higher, today, Wednesday, with the rise in oil prices, which pushed the Saudi index to rise by more than 1%, while the Egyptian stock market fell.
Oil prices rose 1.4 percent on declining US inventories and fears of a production shortage from Russia and Libya.
The Saudi stock market index rose 1.2% to close at 13,668 points, with Aramco’s share rising 2.1%.
The share of the Saudi Home Finance Company (Sahel) closed at 26 riyals in its first trading, above the subscription price of 20 riyals.
The Dubai Stock Exchange lost its gains earlier today, to close flat.
Amlak Finance was the biggest gainer, rising 15% following shareholders agreed to continue the company’s operations.
The Abu Dhabi index rose 0.8%, and the Qatar index closed flat.
Qatar Navigation’s share rose by regarding 3% following the company reported higher quarterly profits. The stock was the biggest percentage gainer on the Qatari index.
