Saudi Arabia and Egypt win as markets reopen after Eid holiday; Qatar slips

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Traders wait at the Bahrain Stock Exchange after Joe Biden won the U.S. presidency, in Manama, Bahrain November 8, 2020. REUTERS/Hamad I Mohammed/File Photo

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May 8 (Reuters) – Saudi Arabia’s stock market rose on Sunday as it reopened after a week of public holidays to celebrate Eid and was buoyed by rising oil prices.

Oil prices rose nearly 1.5% on Friday and ended higher this week as looming European Union sanctions on Russian oil raised fears of a supply crunch and pushed traders ignore concerns about global economic growth. Read more

Saudi Arabia’s benchmark (.TASI) ended up 0.6%, with Al Rajhi Bank (1120.SE) gaining 1.8% and oil giant Saudi Aramco (2222.SE) gaining 2 .1%.

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Saudi Arabia’s minister of industry and mineral resources said the ministry aims to attract investments worth $32 billion to its mining and mining sector through nine new projects, the agency reported. SPA official press release. Read more

Dr Sulaiman Al-Habib Medical Services (4013.SE), however, fell 0.9% as the stock traded ex-dividend.

Outside the Gulf, Egypt’s blue chip index (.EGX30) rose 0.6%, extending gains from the previous session when it jumped more than 3%.

Egyptian President Abdel Fattah el-Sisi has ordered the government to set up a program for private sector participation in public assets, with a target of $10 billion per year for four years, the private television channel reported on Tuesday. ExtraNews. Read more

However, the Egyptian economy remains exposed to tensions in Europe.

Contrary to trend, the Qatari index (.QSI) fell 0.3%, hit by a 2.9% drop in petrochemicals maker Industries Qatar (IQCD.QA).

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Reporting by Ateeq Shariff in Bangalore; Editing by Susan Fenton

Our standards: The Thomson Reuters Trust Principles.

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