With the support of oil prices.. 5 Gulf markets rise by...

With the support of oil prices.. 5 Gulf markets rise by...
With the support of oil prices.. 5 Gulf markets rise by...
The positive performance dominated 5 Gulf markets at the end of trading on Sunday, supported by the return of the rise in oil prices to its highest levels since 2014, amid the continued direction of attention for the successive announcement of the listed companies about their annual results and their distribution plans to shareholders.

Saudi Arabia

In Saudi Arabia, the general index of the financial market “TASI” rose 0.51% to reach 12,204 points, supported by the rise of Al-Rajhi Bank by 0.54%, and the fitness time share rose by more than 2% after announcing the growth of its profits at the end of the fourth quarter of last year, while it fell Saudi share 0.27%, Al Jazira Bank share 1.12%, and Al-Mazrah REIT share 0.2%.

The “Amanah Insurance” share topped the gains by more than 9.97%, the “Enaya” share rose 8.6%, and “Atheeb Telecom” shares led the declines today by 2.6%, and Emaar’s share closed 0.3% down, and the “Upper Limit Growth Index” ended trading with a gain of 0.4 % closed at 25317 points, supported by the rise of ready stock by 9.03%, ICTEC share by 4.3%, computer share by 3.07% and national iron by 1.3%.

Muhammad Mahdi, advisor for trading in the Arab financial markets, said that the Gulf stock markets took support today from the rise in oil and its return above the level of $ 93 to approach its target of $ 100, which increases the returns of the countries in the region that depend heavily on oil revenues. And last Friday, oil prices rose to their highest levels in 7 years, recording the longest streak of weekly gains since last October due to continuing concerns about supply disruptions fueled by cold weather and geopolitical tensions, and after the “OPEC +” alliance agreed this week to stick to moderate increases in production of $ 400 thousand barrels per day during next March.

Mahdi stressed that the general index “Tadawul” in order to maintain the upward path must settle above the level of 12,070 points for three consecutive sessions, and then if it succeeds in that, it will head to the level of 12,359 points, indicating that it did not abandon the level of 11950 points by the end of its decline for the second week in a row. It confirms the chances of its cohesion and the completion of the upward path, despite the fact that some companies announced annual results below expectations.

In turn, Ahmed Abu Al-Yazid, head of the technical analysis department at Okaz Securities Trading Company, explained that the Saudi market may test an important level in the coming period, which is located at 12,300 points in the medium term, which is likely to be exceeded upwards to target the levels of 12,600 points, followed by the levels of 13000 a point.


In Kuwait, the first index of the stock exchange rose for the second consecutive session 0.11% to reach the level of 8045.25 points, supported by the rise of Al-Nakhil share 32.88%, the rise of Ajan Real Estate share 12.04%, and the share of Inovest 7.14%. On the other hand, among the most prominent decliners were Wethaq shares by 9.36%, positions 8.77%, Al-Deera 5.79%, and ACICO 5.41%.

Ahmed Abu Al-Yazid also explained that the Kuwait market index, which ended today’s trading, managed to bounce back from the 7950 points level, and it is expected that the index will continue its rise to target the next resistance 8100 points, which by surpassing it will achieve the expected target at 8500 points.


In Qatar, the Doha Securities Market Index rose 0.19%, coinciding with the rise of Dlala Financial Brokerage 4.1%, the National Cement share 3.83%, the Medical share 3.27%, Qatar Fuel 2.05%, Enma Holding 1.7%, and Qatar Cinema 1.36%.

the two seas

The Bahrain Stock Exchange index rose 0.49%, with Alba shares rising 3.21%, Seef Properties 1.16% and Ahli United – Bahrain 0.43%, while IBM Terminals shares fell 0.8%, Bahrain Telecom – Batelco shares 0.35%, and National Bank of Bahrain 0.15%.


The Muscat Securities Market Index recorded an increase of 0.11% to reach 4,132.16 points, supported by the rise of Al Roya Insurance 7.3%, Al Maha Ceramics 4.93%, Phoenix Energy 4.26%, Al Anwar Investments 3.5%, Al Anwa Ceramic Tiles 2.8%, and Al Jazeera Services 2.67%, while the share of the Muscat Securities Market declined by 2.67%. Aluminum products 2.68%, Voltamp Energy share 2.2%, Raysut Cement share 2.12%, Muscat Finance 1.67%, United Finance 1.52%, National Bank 1.05%, and Bank Nizwa 1.01%.

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