April 16 (Reuters) – Saudi Arabia’s stock markets closed higher on Sunday after Friday’s surge in oil prices, although the Qatar index extended losses for a second session.
Oil prices – a key catalyst for Gulf financial markets – surged for a fourth straight week of gains on Friday after the western energy watchdog said global demand will hit a record high this year on a rebound in Chinese consumption.
The Saudi Arabian benchmark index (.TASI) was up 0.6%, led by a 1.2% gain in Al Rajhi Bank (1120.SE), while oil giant Saudi Aramco (2223.SE) was up 0.8% % increased.
Saudi Crown Prince Mohammed Bin Salman opened four new special economic zones in Saudi Arabia on Thursday, state media reported after the market closed Thursday, citing a statement.
The Kingdom will allow 100% foreign ownership of companies in the new economic zones.
In Qatar, the index (.QSI) fell 0.4% and extended losses for a second session, with petrochemical maker Industries Qatar (IQCD.QA) down 1.5%.
GDP growth in the Middle East and North Africa region will slow to 3.1% in 2023 from 5.3% a year ago, said the director of the Middle East and Central Asia Department of the International Monetary Fund (IMF), Jihad Azour. on Thursday.
** Egypt was closed for a public holiday.
Reporting by Ateeq Shariff in Bengaluru; Edited by Sharon Singleton
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