By Ateeq Shariff
April 16 (Reuters) - Saudi Arabia's stock markets ended
higher on Sunday after Friday's rise in oil prices, although the
Qatari index extended losses for a second session.
Oil prices - a key catalyst for the Gulf's financial markets
- were up on Friday in a fourth straight week of gains after the
West's energy watchdog said global demand will hit a record high
this year on the back of a recovery in Chinese consumption.
Saudi Arabia's benchmark index gained 0.6%, led by a
1.2% increase in Al Rajhi Bank , while oil giant Saudi
Aramco added 0.8%.
Saudi Crown Prince Mohammed Bin Salman launched on Thursday
four new Special Economic Zones in Saudi Arabia, state media
reported on Thursday after the market had closed, citing a
statement.
The kingdom will allow 100% foreign ownership of companies
in the new economic zones.
In Qatar, the index fell 0.4%, extending losses for a
second session, with petrochemical maker Industries Qatar losing 1.5%.
GDP growth in the Middle East and North Africa region will
slow to 3.1% in 2023, from 5.3% a year ago, International
Monetary Fund (IMF) Middle East and Central Asia department
director Jihad Azour said on Thursday.
** Egypt was closed for a public holiday.
SAUDI ARABIA rose 0.6% to 11,033
QATAR lost 0.4% to 10,055
BAHRAIN was up 0.2% to 1,885
OMAN down 1.1% to 4,760
KUWAIT added 0.6% to 7,803
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon
Singleton)
