The Qatari Stock index inched up 0.1%, supported by gains in the industry and energy sectors, with Industries Qatar and Qatar Fuel rising 3.4% and 0.9% respectively. Outside the Gulf, Egypt's blue-chip index dropped 1.9%, ending a five-session wining streak driven by government plans to sell state stakes in 32 companies over the next year. The index was dragged down by a 4.7% loss in Commercial International Bank Egypt and a 2.9% fall in Telecom Egypt . Among other losers, Misr Fertilizers and Abu Dhabi Islamic Bank Egypt slid 3.7% and 4.3% respectively. SAUDI ARABIA rose 0.1% to 10,419 QATAR added 0.1% to 10,439 KUWAIT added 0.3% at 8,223 BAHRAIN rose 0.1% at 1,940 OMAN fell 0.2% to 4,757 EGYPT lost 1.9% to 17,287 (Reporting by Md Manzer Hussain)
By Md Manzer Hussain
Feb 12 (Reuters) - Most Gulf bourses closed higher on
Sunday in response to Friday's oil price rise, driven by Russian
plans to reduce crude production next month.
Oil, which fuels the region's economies, rose more than 2%,
with Brent crude gaining $1.89 to $86.39 a barrel.
Russia plans to reduce crude production by 500,000 barrels
per day (bpd) in March, or about 5% of its total output.
Also positive for prospective oil revenues, OPEC Secretary
General Haitham Al Ghais said on Sunday the group expects oil
demand to exceed pre-pandemic levels this year, reaching almost
102 million barrels a day.
Saudi Arabia's benchmark index edged up 0.1%, lifted
by gains in energy, consumer and real estate sectors.
Oil major Saudi Aramco rose 0.2% while luxury real
estate developer Retal Urban Development gained 0.3%
Saudi British Bank climbed 2% after it reported on
Thursday a 52% increase in full-year net profit.
Abdullah Al Othaim Markets jumped 6.3% after it
recorded a 31.4% rise in fourth-quarter net profit.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.