2023-08-06 14:00:00
© Archyde.com. Dealers during trading on the Abu Dhabi Stock Exchange in a photo from Archyde.com archive.
(Archyde.com) – The Qatari index closed higher on Sunday, supported by a rally following major producers cut supply, while it closed lower on weak corporate profits.
Oil prices, a major catalyst for Gulf financial markets, rose on Friday and posted gains for the sixth consecutive week as investors were optimistic that increased demand and reduced supply would keep prices high.
On Thursday, it decided to extend a voluntary cut in its oil production by one million barrels per day until the end of September. Russia also decided to reduce its oil exports by 300 thousand barrels per day next month.
The Qatari index rose 0.2 percent, ending two sessions of losses, with the shares of Baladna rising 3 percent and Qatar Fuel Company 1 percent.
Qatar Islamic Bank and Qatar International Islamic Bank rose 2.2 percent and 1.1 percent, respectively.
The Saudi index continued its losses for the seventh consecutive session, as it closed down 0.2 percent, with the share of Savola Group (TADAWUL:) falling 5.5 percent, and the share of Halwani Brothers (TADAWUL:) falling 8.9 percent.
Food products distribution company Halawani Brothers reported higher losses in the second quarter of the year compared to the same period a year earlier.
Outside the Gulf region, the blue-chip index rose 1.4 percent, following three sessions of losses, with all sectors rising.
The share of Heliopolis Company for Housing and Development jumped 11.3 percent, and the share of El Sewedy Electric (EGX:) rose 4.2 percent.
(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Duaa Mohamed)
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