[ad_1]
By Md Manzer Hussain
March 2 (Reuters) – Most Gulf markets ended higher on Thursday, as oil prices rose on signs of a strong economic rebound in top crude importer China.
Crude prices — a key catalyst for the Gulf’s financial markets — edged up on Thursday. Brent crude LCOc1 was up 0.65% to $84.86 at 1145 GMT.
Crude jumped after manufacturing activity in China grew at the fastest pace in more than a decade last month, as per Wednesday’s data, adding to evidence of a rebound in the world’s second-largest economy.
The benchmark index .TASI in Saudi Arabia ended 0.8% higher, extending its rally to a third session. The index was lifted by gains in almost all sectors with the world’s largest Islamic bank by assets, Al Rajhi Bank 1120.SE climbing 2.2% and Dr Sulaiman Al-Habib Medical 4013.SE rising 1.5%.
Oil giant Aramco 2222.SE gained 0.6%.
Aramco agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA RENA.PA and China’s Geely Automobile Holdings Ltd 0175.HK plan to set up jointly.
The shares of ACWA Power 2082.SE rose 1.6% after it reported more than double in annual profit to 1.54 billion riyals ($410.36 million).
Among winners, National Shipping Company Of Saudi Arabia 4030.SE (Bahri) gained 1.3% after signing worth about 1.53 billion riyals ($407.70 million) agreement with shareek program to support gas transportation sector.
In Abu Dhabi, the index .FTFADGI rose 0.1%, extending its gains to a third session. The index was helped by a 3.6% rise in Abu Dhabi National Energy TAQA.AD and 2.2% gain in Multiply MULTIPLY.AD.
The Qatari index .QSI ended 0.5% higher, with most sectors climbing.
Industries Qatar IQCD.QA and Qatar International Islamic Bank QIIB.QA rose 1.1% and 2.2%, respectively.
Dubai’s benchmark index .DFMGI fell 0.3%, weighed down by losses in utilities, real estate and financial sectors.
The blue-chip developer Emaar Properties EMAR.DU dropped 1.2% and cooling services provider Emirates Central Cooling EMPOWER.DU lost 0.7%.
Outside the Gulf, Egypt’s blue-chip index .EGX30 dropped 1.6%, snapping previous session gains with most sectors in the negative territory.
Commercial International Bank COMI.CA and Eastern Co EAST.CA declined 2.4% and 4.7% respectively.
SAUDI ARABIA
.TASI rose 0.8% to 10,278
KUWAIT
.BKP added 0.5% to 8,123
QATAR
.QSI rose 0.5% at 10,622
EGYPT
.EGX30 fell 1.6% to 16,847
BAHRAIN
.BAX lost 0.1% to 1,930
OMAN
.MSX30 rose 0.8% to 4,821
ABU DHABI
.FTFADGI added 0.1% to 9,868
DUBAI
.DFMGI lost 0.3% at 3,436
(Reporting by Md Manzer Hussain; editing by Uttaresh Venkateshwaran)
((MdManzer.Hussain@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
[ad_2]
Source link
