Gulf major indexes advance as oil, global markets recover | Reuters

Gulf major indexes advance as oil, global markets recover | Reuters

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014.

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Sept 11 (Reuters) – A tentative return of risk appetite to global stock markets and rebound in oil prices at the end of last week helped lift major Gulf equities, though they remained vulnerable to rate hikes and demand outlook worries.

Oil prices, a key driver for the Gulf’s financial markets, rose about 4% on Friday, supported by real and threatened cuts to supply, although futures posted a second weekly decline on back of aggressive interest rate hikes a China’s COVID-19 curbs weighed on the demand outlook.

Russian President Vladimir Putin has threatened to cut off all energy supplies to Europe if price caps are imposed and a small cut to OPEC oil output plans announced this week also supported prices. read more

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Saudi Arabia’s benchmark index (.TASI) finished 0.9% higher, ending three consecutive days of declines, luxury developer Retal Urban Development Company (4322.SE) rising 2% and Al Rajhi Bank (1120.SE) gaining 1.4%.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is expected to tap international debt markets for a debut green bonds issue as soon as next week, five sources familiar with the matter said. read more

In Qatar, the benchmark index (.QSI) inched up 1.2%, as almost all its constituent stocks moved in positive territory. Sharia lender Qatar Islamic Bank (QISB.QA) climbed 2.3%, while Qatari conglomerate Industries Qatar (IQCD.QA) was up 1.1%.

The Qatari market could see more gains if energy prices remain at their current levels, said Daniel Takieddine, CEO of MENA BDSwiss.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) closed 0.7% higher amid higher trading volumes. Elsewedy Electric, a provider of energy solutions, gained 3.7%.

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Reporting by Shamsuddin Mohd in Bengaluru; editing by John Stonestreet

Our Standards: The Thomson Reuters Trust Principles.

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