Qatar Outperforms Gulf Bourses On Oil Price Increase| MENAFN.COM

Tuesday, 09 August 2022 11:23 GMT

Qatar Outperforms Gulf Bourses On Oil Price Increase


(MENAFN- The Peninsula) Reuters

Dubai: Most stock markets in the Gulf ended higher yesterday, with the Qatari index outperforming the region as it drew support from rising oil prices and strong corporate earnings.

Crude prices, a catalyst for the Gulf's financial markets, rose more than $2 a barrel to settle at $110.01 a barrel on Friday ahead of the coming week's OPEC+ meeting. Sources say it will consider leaving output unchanged. 

In Qatar, the index advanced 1.9 percent, with Qatar Islamic Bank rising 2.4 percent and Islamic lender Masraf Al Rayan closing 3.9 percent higher. Among other gainers, Mekdam Holding jumped 3.6 percent, after reporting a rise in first-half profit. Saudi Arabia's benchmark index added 0.4 percent, led by a 3.6 percent gain in petrochemical firm Yansab. The kingdom's gross domestic product rose by 11.8 percent in the second quarter compared with the same period in 2021, initial government estimates found on Sunday, as the world's top oil exporter benefits from higher energy prices.

Growth was largely driven by a 23.1 percent increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.4 percent.

Beyond the Gulf, Egypt's blue-chip index finished 1 percent higher, with Commercial International Bank climbing 1.2 percent. 

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