Gulf stock market surge after rising oil prices amid regional tensions
(MENAFN) On Sunday, stock markets across the Gulf region experienced an upward trajectory, a movement largely attributed to the surge in oil prices. The escalating tensions in the region, stemming from the ongoing conflict between Israel and the Palestinian Islamic Resistance Movement (Hamas), have significantly influenced market dynamics. Notably, oil prices, which are pivotal to the Gulf's financial landscape, witnessed a 1.51 percent uptick on Friday. The brent crude futures settled at a notable USD78.76 per barrel, amplifying market optimism.
While efforts to mitigate the conflict's escalation are underway on the diplomatic front, with senior American and European diplomats deliberating strategies to contain the Gaza war's spread, tangible progress remains elusive. The persistent violence underscores the formidable challenges confronting these diplomatic endeavors, especially considering the conflict's three-month duration and its reverberations across the Middle East.
In this context, Saudi Arabia's primary index marked its second consecutive session of growth, culminating in a 1.2 percent increase, buoyed by positive performances across all sectors. Specifically, banking shares made notable gains, with Alinma Bank witnessing a robust 4.9 percent surge, its most significant uptick in over two months. Similarly, Al Rajhi Bank, recognized as the world's largest Islamic bank, recorded a 1.5 percent increase. Additionally, energy behemoths like Saudi Aramco saw a modest rise of 0.6 percent, while the Arab Pipeline Company experienced a more pronounced growth, surging by 5.4 percent, further reflecting the market's responsiveness to regional developments and oil price dynamics.
MENAFN08012024000045015682ID1107694804
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.