Most stock markets in the Gulf closed higher on Tuesday as higher oil prices and hopes for a strong recovery of the Chinese economy boosted investor sentiment.
Crude oil prices, a major catalyst for the Gulf financial markets, rose 1.4% today, Tuesday, and Brent crude rose $1.19 to $83.64 a barrel by 13:00 GMT.
Expectations of a recovery in demand in China, the world’s largest oil importer, fueled gains after economists polled by Reuters expected factory activity to grow in February, according to Reuters.
The Saudi stock market index rose 1.1%, supported by gains in almost all sectors.
Shares of Sahara International Petrochemical Company (Sipchem) rose 4.3%, after it announced an increase in profits for the full year.
However, the index ended the month down 6.6%, almost giving up some of the gains it made in January.
The Abu Dhabi index rose 0.1%, up 0.3%, this month. Aldar Properties rose 1.3%, and Abu Dhabi Islamic Bank rose 2.4%.
Al Yah Satellite Communications (Yahsat) jumped 3.1%, after the company’s board of directors proposed a dividend for the second half of 8.06 fils per share, bringing the total dividends distributed for the fiscal year 2022 to 16.12 fils per share.
The Dubai index also closed 0.6% higher, registering an increase of 4.1%, on a monthly basis.
The index received support from gains in almost all sectors, and both Emaar Properties and Emirates Corporation for Central Cooling Systems (Empower) rose 2.6%.
The Qatari index rose 0.3%, supported by gains in the financial and industrial sectors.
Shares of Qatar National Bank, Qatar Islamic Bank (Al Masraf) and the International Islamic Bank rose 1.9%, 0.8% and 1.7%, respectively.
However, the index fell 3.3%, on a monthly basis.
Outside the Gulf region, the Egyptian blue-chip index fell 0.6%, extending its losses for the second session. The shares of the Commercial International Bank and Misr Fertilizers fell 2.4% and 6.2%, respectively.
However, the index is on track to record a 3% rise this month, posting gains for the fifth consecutive month.