Mideast stocks: Most Gulf bourses end higher, Dubai rises for eighth session

Mideast stocks: Most Gulf bourses end higher, Dubai rises for eighth session

Most Gulf stock markets ended higher on Sunday, buoyed by a rise in oil prices due to easing concerns over the Omicron coronavirus variant's impact on global growth and fuel demand. Saudi Arabia's benchmark index rose 0.3%, with Sahara International Petrochemical Company rising 3.3% and petrochemical maker Saudi Basic Industries Corp adding 1.1%. However, the index's gains were limited by losses at Saudi Telecom Company (STC) 7010.SE , which dropped about 3% after the final price for the sale of 120 million shares of the company was set at 100 riyals per share, at the lower end of an earlier price range of 100 to 116 riyals. The Saudi sovereign wealth fund, the Public Investment Fund, is set to raise 12 billion riyals ($3.20 billion) through the sale of a 6% stake in STC. Dubai's main share index edged 0.2% higher, rising for an eighth session, helped by a 0.6% increase in sharia-compliant lender Dubai Islamic Bank . Dubai's deputy ruler and finance minister Sheikh Maktoum Bin Mohammed announced the listing of Emirates Central Cooling Systems Corporation (Empower), the emirate's media office reported on Saturday. The government announced plans for Empower's flotation among 10 state-backed companies to be listed as