Most Gulf bourses gain; Abu Dhabi extends losses

Most stock markets in the Gulf ended higher on Monday, with crude prices holding on to recent gains as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.

Saudi Arabia’s benchmark index (.TASI) advanced 0.9 per cent, boosted by a 1.5 per cent rise in Al Rajhi Bank (1120.SE) and a 4.6 per cent jump in Saudi British Bank (1060.SE).

Oil prices, a key catalyst for the Gulf’s financial markets, eased but held on to recent gains, having climbed 5 per cent last week.

However, Saudi Enaya Cooperative Insurance Company (8311.SE) slid 6.4 per cent after its shareholders rejected an offer to merge the company with Amana Cooperative Insurance Company (8310.SE).

Shares of Amana fell 6.1 per cent.

Dubai’s main share index (.DFMGI) added 0.3 per cent, supported by a 14.3 per cent surge in Amlak Finance (AMLK.DU).

The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2 per cent in 2022, accelerating from last year’s 2.1 per cent growth.

The Qatari index (.QSI) ended 0.4 per cent higher, with petrochemical maker Industries Qatar (IQCD.QA) gaining 0.6 per cent.

The Gulf markets have seen their main indices going up mostly thanks to strong oil prices, said Wael Makarem, senior market strategist at Exness.