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[size=36]Regional markets rise in first session of the week[/size]
economy | 08:49 - 11/24/2024
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Mawazine News - Baghdad
Most Gulf stock markets rose on Sunday, helped by higher oil prices, although Egypt bucked the trend and retreated.
Oil prices, a catalyst for Gulf financial markets, rose about 1 percent on Friday to settle at a two-week high as the escalating war in Ukraine boosted the geopolitical risk premium in the market.
Price action
Saudi Arabia’s benchmark index rose 0.2 percent, helped by a 0.4 percent gain in Al Rajhi Bank and a 1.9 percent gain in Saudi Arabian Mining Company (Maaden).
Saudi Aramco rose 0.4 percent.
Reuters reported on Friday that Aramco’s digital arm is in talks to buy a large minority stake in U.S. communications software maker Mavenir, citing people familiar with the matter.
Moody’s upgraded Saudi Arabia’s credit rating to “Aa3” from “A1” on Friday, citing the country’s efforts to diversify its economy away from oil.
Qatar’s index rose 0.1 percent, helped by a 0.4 percent gain in Qatar National Bank, the Gulf’s largest lender.
Outside the Gulf, Egypt’s benchmark index fell 0.8 percent, with most of its stocks falling, including Talaat Moustafa Group, which lost 1.7 percent.
The central bank’s Monetary Policy Committee left its overnight deposit and lending rates unchanged on Thursday, saying economic activity had not reached its full potential and that it saw it appropriate to keep key interest rates on hold until inflation had fallen significantly and sustainably.
Oil prices, a catalyst for Gulf financial markets, rose about 1 percent on Friday to settle at a two-week high as the escalating war in Ukraine boosted the geopolitical risk premium in the market.
Price action
Saudi Arabia’s benchmark index rose 0.2 percent, helped by a 0.4 percent gain in Al Rajhi Bank and a 1.9 percent gain in Saudi Arabian Mining Company (Maaden).
Saudi Aramco rose 0.4 percent.
Reuters reported on Friday that Aramco’s digital arm is in talks to buy a large minority stake in U.S. communications software maker Mavenir, citing people familiar with the matter.
Moody’s upgraded Saudi Arabia’s credit rating to “Aa3” from “A1” on Friday, citing the country’s efforts to diversify its economy away from oil.
Qatar’s index rose 0.1 percent, helped by a 0.4 percent gain in Qatar National Bank, the Gulf’s largest lender.
Outside the Gulf, Egypt’s benchmark index fell 0.8 percent, with most of its stocks falling, including Talaat Moustafa Group, which lost 1.7 percent.
The central bank’s Monetary Policy Committee left its overnight deposit and lending rates unchanged on Thursday, saying economic activity had not reached its full potential and that it saw it appropriate to keep key interest rates on hold until inflation had fallen significantly and sustainably.
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