Mideast Stocks: Most Gulf markets gain on rising oil

Commercial International Bank Egypt CIB

29/12/2024 12:44

By Ateeq Shariff
       Dec 29 (Reuters) - Most stock markets in the Gulf ended
higher on Sunday in response to Friday's rise in oil prices,
while the Egyptian index ended lower.
    Oil prices - a catalyst for the Gulf's financial markets -
settled more than 1% higher on Friday, buoyed by a
larger-than-expected drawdown from U.S. crude inventories last
week.
    Optimism over Chinese economic growth has also sparked hopes
of higher demand next year from the top oil importing nation.
    The World Bank on Thursday raised its forecast for Chinese
economic growth in 2024 and 2025.
    Saudi Arabia's benchmark index  .TASI  gained 0.4%, led by a
1.7% rise in the country's biggest lender Saudi National Bank
 1180.SE  and an 1.8% increase in ACWA Power  2082.SE .
    Among other gainers, BAAN Holding Group  1820.SE  advanced
2% after announcing the signing of two binding agreements for
the acquisition of multiple real estate assets.
    In Qatar, the index  .QSI  finished 0.9% higher, with the
Gulf's biggest lender Qatar National Bank  QNBK.QA  rising 0.9%.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  fell
1.2%, with most of its constituents in negative territory
including Commercial International Bank  COMI.CA .
    Egypt's central bank kept its overnight interest rates
unchanged on Thursday, as expected, saying that while inflation
was set to decelerate sharply in early 2025, it nonetheless
remained high.
    
    
 SAUDI ARABIA   .TASI  added 0.3% to 11,893
 QATAR          .QSI  gained 0.9% to 10,512
 EGYPT          .EGX30  lost 1.2% to 29,666
 BAHRAIN        .BAX  was flat at 1,985
 OMAN           .MSX30  rose 1.1% to 4,516
 KUWAIT         .BKP  eased 0.1% to 7,861
 

 (Reporting by Ateeq Shariff; Editing by David Holmes)
 ((Ateeq.Shariff@thomsonreuters.com;))