Most of the stock markets in the Gulf region closed higher, today, Thursday, as concerns about the mutant Omicron from the Corona virus eased after a study indicated that the mutant may be less dangerous than thought.
According to the research conducted by Imperial College London and published on Wednesday, the risk of patients with the Omicron mutation needing to stay in hospital is between 40% and 45% less than those with the Delta mutation.
The cursor went up Saudi The main share of the company was 0.6%, supported by the rise in Al-Rajhi Bank’s share by 0.9%, and the closing of the share company Saudi Arabia Basic Industries (SABIC) in the petrochemical sector, up 1.4%.
Crude oil prices, a major catalyst for financial markets in the Gulf, have broadly stabilized.
Concerns about the potential impact of movement restrictions on fuel demand have subsided, while OPEC, Russia and their allies have left open the possibility of revising their plan to add 400,000 barrels per day of supply in January.
The Dubai market remains strong in terms of fundamentals and could recover more broadly once more data is available on Omicron, said Farah Murad, senior market analyst in the Middle East and North Africa division at XTP.
The Abu Dhabi index ended a series of losses that lasted for four sessions, to close up 0.4%, with the share of the telecom company rising 1.2%. But the Abu Dhabi index recorded a weekly loss of 4.8%, which is its largest loss since March 2020.
The Qatari index rose 0.1%, supported by a 0.9% rise in Qatar National Bank.
Outside the Gulf region, the blue-chip index rose Egyptian 1% after Fawry’s stock jumped totechnology Banks and electronic payments 2.9%, against the backdrop of announcing plans to establish a consumer finance company.
The central bank said EgyptianToday, Thursday, he extended the work of measures to mitigate the repercussions of the Corona virus until June 2022.
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