© Archyde.com. An investor watches a screen displaying stock information on the Abu Dhabi Stock Exchange in a photo from Archyde.com archive.
From Muhammad Munther Hussain
(Archyde.com) – Most Gulf stock exchanges closed higher on Thursday, supported by a rise amid signs of a strong economic recovery in China, the largest importer of crude.
Crude oil prices, a major catalyst for financial markets in the Gulf, rose on Thursday. It rose 0.65 percent by 1145 GMT, to 84.86 a barrel.
Crude recorded a jump supported by the growth of manufacturing activity in China at the fastest pace in more than a decade last month, according to data released on Wednesday, which reinforces signs of the recovery of the second largest economy in the world.
It closed up 0.8 percent, to continue the rise for the third session. The index rose with almost all sectors registering gains, as the share of Al-Rajhi Bank (TADAWUL:) the largest Islamic bank in the world by assets increased 2.2 percent, and the share of Dr. Sulaiman Al-Habib Medical Services Group increased 1.5 percent.
Oil giant Aramco (TADAWUL:) rose 0.6 percent.
Aramco agreed to acquire a minority stake in a transmission technology company that French automaker Renault (EPA:) and China’s Geely are planning to establish.
ACWA Power also rose 1.6 percent following announcing a more than double increase in its annual profits to 1.54 billion riyals ($410.36 million).
Shares of the Saudi National Shipping Company (TADAWUL:) (Bahri) also rose 1.3 percent following concluding an agreement worth regarding 1.53 billion riyals ($407.70 million) with a partner program to support the gas transportation sector.
In Abu Dhabi, the index rose 0.1 percent, extending its gains for the third session. Abu Dhabi National Energy (TAQA) rose 3.6 percent and Multipleplay shares rose 2.2 percent.
The Qatari index closed 0.5 percent higher, with most sectors gaining.
Industries Qatar and Qatar International Islamic Bank rose 1.1 and 2.2 percent, respectively.
It fell 0.3 percent, affected by losses in the utilities, real estate and financial institutions sectors.
Leading Emaar Properties (DFM:) fell 1.2 percent, and Emirates Central Cooling Systems Company (Empower) fell 0.7 percent.
Outside the Gulf region, the blue-chip index fell 1.6 percent following recording gains in the previous session, with most sectors in negative territory.
The shares of the Commercial International Bank (EGX:) and the Eastern Bank fell 2.4 percent and 4.7 percent, respectively.
(Prepared by Amira Zahran for the Arabic Bulletin – Edited by Salma Najm)
