The main Saudi stock index rose 0.46 percent to 21,613.9 points, supported by gains in most sectors. Closed Most of the stock exchanges are in the Gulf region On Tuesday’s rise led by The main Saudi stock index (TASI) amid the volatility of oil prices, while Egyptian stocks fell after three sessions of unprecedented rises.
The main Saudi stock index rose 0.46 percent to 21,613.9 points, supported by gains in most sectors, as ACWA Power shares rose 2.6 percent and Al Rajhi Bank shares rose 0.4 percent. Saudi Aramco shares increased 0.5 percent after JP Morgan raised the target price for the stock to 35 riyals from 34.5 riyals. Aramco also participated in a financing round for Los Angeles-based Carbon Capture.
The index in Dubai rose 0.1 percent, supported by gains in almost all sectors, with TECOM Group shares rising 2.2 percent and Al Ansari Financial Services shares rising 1.8 percent.
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However, the index in Abu Dhabi declined marginally, affected by a decline in Alpha Dhabi Group shares by 0.4 percent and First Abu Dhabi Bank shares by 0.3 percent. But Aldar Properties shares rose 1.8 percent.
The Qatari index stabilized amid gains in stocks of raw materials, utilities, industry, and energy, and losses incurred by stocks in the financial sector, basic consumer goods, and real estate. Mesaieed Petrochemicals and Qatar Aluminum Manufacturing Company shares rose 2.6 and 2.1 percent, respectively, while Qatar National Bank shares fell 1.3 percent.
Daniel Takieddine, CEO of the Middle East and North Africa region at BD Suisse, said, “Uncertainty surrounds the direction of the markets, as uncertainty in the oil markets and geopolitical tension affect morale.”
Oil prices fluctuated, which is a catalyst for financial markets in the Gulf, with the price of Brent crude rising 54 cents to $82.75 per barrel by 1730 GMT.
Outside the Gulf region, Egypt’s leading stock index fell 2.2 percent after gains for three consecutive sessions, with almost all stocks declining. Commercial International Bank shares fell 2.6 percent, and Eastern Company shares fell 6.2 percent.
Bankers said on Tuesday that Egypt had refused to accept any offers for three- and five-year treasury bonds in the local currency.
