Saudi Arabian and Qatari markets ended Thursday’s session in positive territories ahead of low volume trade as most of the Middle Eastern markets were closed for the Islamic new year holiday.
Meanwhile, Qatar stock exchange has advanced for the third consecutive session. Qatar’s leading benchmark QSI index is trading at 8,360.77 up by 0.15 percent from yesterday’s session. The index is currently the most undervalued market in the region according to analysts. However, the Qatari index is still down by nearly 18 percent so far this year.
Shares in the Qatari markets gained at least 1 percent in the last three sessions supported by local investors. After local funds assembled their buying power, and foreign funds are marginally easing their selling of Qatari stocks.
Regarding best performers in the Qatari index, Gulf International Services was the top gainers, adding 3.81 percent, followed by Qatari Investors Group that was up by 2.63 percent.
Regarding oil news, Oil prices rose ahead of the meeting between oil producers, as misters from OPEC members countries, Russia, and other oil-producing countries are set to meet in Vienna on Friday.
After some oil ministers said that they are open to the idea of extending oil output cut even further. The meeting is conducted with the purpose of reducing the market oversupply that has been pressuring prices for over three years.
U.S crude oil rose to trade at $50.59 per barrel at 14:00 GMT, while Brent crude oil edged higher to trade at $56.12 a barrel at 14:00 GMT.
Saudi Stock Market:
Saudi equities traded higher in today session, as Tadawul All Shares Index edged up by 0.09 percent settling at 7,326.32 at the close. The index found pressure from gains in the Consumer Cyclicals and Utilities sectors.
Regarding stock news, all but two of the 14 listed petrochemical manufacturers rose as Brent contracts traded around $56 a barrel. Yanbu National Petrochemical added 0.9 percent supported by the rise in the oil prices.
Shares of media corporation Saudi Research and Marketing surged 4.6 percent after it signed a contract with Bloomberg for a ten-year exclusive license to launch Bloomberg Arab channel.a deal worth nearly $9 million a year.
United Arab Emirates Stock Market:
United Arab Emirates equities were closed for the Islamic new year holiday.
Egypt Stock Exchange:
Egypt’s equity market was closed for the Islamic new year holiday.
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