Most Gulf bourses gain; Abu Dhabi extends losses
Jan 10 (Reuters) – Most stock markets in the Gulf ended higher on Monday, with crude prices holding on to recent gains as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.
Oil prices, a key catalyst for the Gulf’s financial markets, eased but held on to recent gains, having climbed 5% last week.
Shares of Amana fell 6.1%.
The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2% in 2022, accelerating from last year’s 2.1% growth. read more
The Gulf markets have seen their main indices going up mostly thanks to strong oil prices, said Wael Makarem, senior market strategist at Exness.
“However, they remain exposed to some pressures deriving from the concerns around the spread of omicron in the region,” added Makarem.
Egypt’s central bank said on Monday it had approved a set of rules under which it would be able to provide emergency liquidity to local lenders. read more
Egypt’s banks are facing a deterioration in asset quality due to the economic impact of the pandemic. However, the economy eked out growth in 2020 and 2021, with the help of government support packages for the hardest-hit sectors.
|SAUDI ARABIA||(.TASI) rose 0.9% to 11,665|
|ABU DHABI||(.FTFADGI) fell 1% to 8,354|
|DUBAI||(.DFMGI) added 0.3% to 3,230|
|QATAR||(.QSI) gained 0.4% to 12,056|
|EGYPT||(.EGX30) up 0.4% to 12,023|
|BAHRAIN||(.BAX) eased 0.2% to 1,791|
|OMAN||(.MSX30) rose 0.1% to 4,222|
|KUWAIT||(.BKP) added 0.5% to 7,796|
Reporting by Ateeq Shariff in Bengaluru; Editing by Amy Caren Daniel
This article was originally published by Reuters.