© Archyde.com. An investor watches a screen displaying information about stocks on the Abu Dhabi Stock Exchange, with a photo from Archyde.com archive.
(Archyde.com) – Most Gulf stock markets closed higher on Sunday, supported by the increase in oil prices on Friday and Russia’s efforts to cut crude production next month.
Oil prices, the main support for Gulf economies, rose more than 2 percent, with Brent crude rising 1.89 to $86.39 a barrel.
Russia plans to cut its production from 500,000 bpd in March, or about 5 percent of its total output.
The main index rose 0.1 percent, supported by gains in the energy, consumer and real estate sectors.
The share of the giant oil company (Aramco (TADAWUL:)) rose 0.2 percent, and the share of the Retal Urban Development Company rose 0.3 percent.
Shares of The Saudi British Bank (TADAWUL:) jumped 2 percent after announcing on Thursday a 52 percent increase in its annual net profit.
The Qatari index rose 0.1 percent, supported by gains in the industrial and energy sectors, with Industries Qatar rising 3.4 percent and Qatar Fuel 0.9 percent.
Outside the Gulf region, the blue-chip index fell 1.9 percent, ending a series of gains that lasted for five sessions, driven by the government’s plans to sell state-owned stakes in 32 companies over the next year.
The share of the Commercial International Bank (EGX:) fell 4.7 percent, and the share of Telecom Egypt (EGX:) 2.9 percent.
Misr Fertilizers fell 3.7 percent, and Abu Dhabi Islamic Bank fell 4.3 percent.
The Kuwaiti index rose 0.3 percent and the Bahraini index 0.1 percent, while the Omani index fell 0.2 percent.
(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Ali Khafaji)