2023-12-10 14:06:00
© Archyde.com. Traders at the Bahrain Stock Exchange in Manama in a photo from Archyde.com archives.
From Atiq Sharif
(Archyde.com) – The stock market closed higher on Sunday in response to a rise, but the Qatari index bucked the trend and ended trading lower.
Oil prices, a stimulant for financial markets in the Gulf region, rose more than two percent on Friday following US data supported demand growth expectations, but the two benchmark crude oil prices fell for the seventh week in a row, the longest series of weekly declines in half a decade, due to continuing fears of oversupply. .
Job growth accelerated in the United States in November, and the employment report issued by the Labor Department showed that non-farm payrolls increased by 199,000 jobs last month, above the estimate of 180,000 jobs polled by economists polled by Archyde.com, following rising by 150,000 jobs according to unadjusted estimates in the previous month. October.
The unemployment rate fell to 3.7 percent from a two-year high of 3.9 percent in October.
It grew 0.6 percent thanks to a 2.8 percent rise in Al Rajhi Bank shares (TADAWUL:) and gains in Etihad Atheeb Telecommunications shares (TADAWUL:).
Meanwhile, Saudi Arabia and Russia, the world’s largest oil exporters, on Thursday called on all members of the OPEC+ alliance to join an agreement on cutting production just days following a difficult alliance meeting.
The Chinese Ministries of Commerce and Industry said that the Saudi Minister of Investment met separately with the Chinese Ministers of Commerce and Industry in Beijing on Sunday and discussed expanding cooperation in trade, investment and technology.
The Qatari index fell 0.7 percent due to the loss of the share of Qatar National Bank, the largest bank in the Gulf, 1.7 percent.
Outside the Gulf region, the leading stock index fell by two percent, affected by the decline in the shares of Commercial International Bank (EGX:) (CIB) by 2.3 percent.
On Tuesday, three-day presidential elections began in Egypt, in which Abdel Fattah al-Sisi is expected to win a third presidential term of six years.
(Reporting by Atiq Sharif in Bangalore – Prepared by Mahmoud Reda Murad for the Arab Bulletin – Editing by Muhammad Muhammadin)
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