Increase in Gulf Stock Markets Boosted by Surge in Oil Prices
Most Gulf stock markets witnessed an increase on Sunday, driven by a significant jump in oil prices on Friday.
Oil Prices Propel Market Growth
Oil prices, often a catalyst for Gulf financial markets, surged over four percent on Friday. This rebound from a four-month low was supported by U.S. sanctions on Russian oil shipping companies.
The Saudi market index rose by 0.5%, with shares of oil giant Aramco increasing by 0.3%. Shares of the National Commercial Bank, Saudi Arabia’s largest bank, climbed 1.5%.
Qatar’s Market Advances
Qatar‘s index witnessed an increase of 0.2%, led by a 1% rise in Qatar National Bank’s share, the Gulf’s largest bank.
Impact of U.S. Economic Data
Weak U.S. economic data last week raised bets on interest rate cuts. This led to lower Treasury bonds and a rebound in stock markets.
Egypt’s Leading Index Rises
Outside the Gulf, Egypt’s leading stock index jumped 2.1%, boosted by an increase in the Commercial International Bank’s share of 3.8%.
Egypt’s Largest Private Bank Secures Loan
Egypt’s largest private bank announced on Thursday that it secured a $150 million loan from the European Bank for Reconstruction and Development to bolster its capital base.
IMF Considers Increasing Egypt’s Loan
IMF Managing Director Kristalina Georgieva told Reuters on Friday that the Fund is seriously considering increasing Egypt’s $3 billion loan program. This comes in response to economic difficulties stemming from the Gaza conflict.
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