Gulf stock market indices closed almost collectively higher, on Wednesday, with the resumption of the rise in crude oil prices, which has a strong impact on the economies of the region, recovering from a sharp decline in the previous session.
By 12:30 (GMT), Brent crude contracts for June delivery were traded at $108.31 a barrel, up $1.06, or 0.99 percent.
And US West Texas Intermediate crude contracts for June delivery increased by $1.17, or 1.15 percent, to $103.22 a barrel.
The Saudi index recorded strong gains, rising by 1.21 percent to 13668.5 points, supported by the rise of “Aramco” and banking shares led by the Saudi Home Finance Company, whose share rose by 30 percent on the first trading day.
And the shares of “Al-Rajhi Bank” and “Aramco” increased by 2.5 percent and 2.12 percent, respectively.
In the UAE, the Dubai Stock Exchange index rose 0.06 percent to 3648.5 points, supported especially by gains in real estate shares led by “Amlak” share, up by 15 percent.
The Abu Dhabi market index rose 0.94 percent to 9962.7 points, and the most prominent gainers were First Abu Dhabi Bank shares, up 4.09 percent, and “Shipbuilding” by 1.75 percent.
The Qatar Stock Exchange index increased by 0.07 percent to 14,016 points, supported by gains in banking shares, led by Masraf Al Rayan, up by 2.14 percent, and “Ooredoo” telecommunications increased by 1.34 percent.
The first index in the Kuwait market fell by 0.12 percent to 9171.3 points, and the losses were led by “Al-Madar Investment” and “Kuwait Hotels” shares, down by 10.71 percent and 10.34 percent, respectively.
The Muscat Stock Exchange index rose 0.06 percent to 4264.4 points, and the gains were led by “Al Batinah Energy” and “Galfar Engineering” shares, up by 4.17 percent and 4.08 percent, respectively.
The Bahrain index increased by 0.13 percent to 2095.3 points, and the most prominent gainers were the shares of “Al Baraka Banking Group” and Al Ahli United Bank, up by 2.05 percent and 0.49 percent, respectively.