The main index in the Saudi stock market closed higher today, Thursday, after energy company shares strengthened the index at the last minute with oil prices rising to the highest level in 2023 thanks to expectations of tight supplies, while Qatar continued its losses for the third session.
Oil prices rose more than 1% to reach $93 a barrel for the first time this year.
The price of Brent crude futures rose 1.47%, or $1.35, to reach $93.23 per barrel by 12:36 GMT. The momentum witnessed by energy sector stocks at the last minute helped the main index of the Saudi market to compensate for its previous losses, closing up 0.3%, according to Reuters.
The shares of the giant oil company, Saudi Aramco, jumped 1.5%, and the shares of Al Rajhi Investment Banking Company rose 0.9%.
Al Khareef Water and Energy Technology Company shares jumped 2.8% with the company signing an agreement for the independent water transmission pipeline project between Al-Rais and Rabigh worth 7.78 billion riyals ($2.07 billion) with the Saudi Water Partnership Company.
The Abu Dhabi market index closed 0.4% higher, supported by a 0.7% rise in shares of the International Holding Company, and shares of Etisalat and More Company, formerly known as Etisalat, rose 2.1%.
But the Qatari index lost 0.5%, declining for the third session in a row, as Qatar Petrochemical Company shares lost 1.7%, and Qatar Islamic Bank shares declined 0.7%.
Dubai’s main index fell 0.4%, affected by a 0.8% decline in Dubai Electricity and Water Authority shares and a 2.6% decline in Mashreq Bank.
Outside the Gulf, Egypt’s leading stock index rose 0.9%, supported by a 1.5% jump in the Commercial International Bank (Egypt) stock.
Talaat Mustafa Holding Group shares rose 11.7%, reaching the highest level in more than six years, after signing an agreement on Monday with the Saudi National Housing Company to develop an integrated and sustainable smart residential city at a cost of 40 billion riyals ($10.66 billion).
