Mideast Stocks: Most Gulf stocks end higher, Abu Dhabi hits record high

Mideast Stocks: Most Gulf stocks end higher, Abu Dhabi hits record high

Most stock markets in the Gulf ended higher on Monday, as crude prices stayed near the key $100 a barrel level on a weaker dollar and recovery in Chinese imports. Brent crude futures recouped most losses after dropping by more than $1/bbl earlier in the session on China lockdowns worries.

Saudi Arabia's benchmark index rose 0.7%, extending gains from the previous session, led by a 3% rise in Riyad Bank . Privately owned Chinese refiner Zhejiang Petroleum & Chemical Co (ZPC) signed a purchase deal with Saudi Arabian state oil producer Saudi Aramco for 1.08 million tonnes (7.88 million barrels) of crude oil, Reuters reported on Monday, citing government-backed Chinese newspaper Zhoushan Daily.

Aramco shares were up 0.3%. Saudi oilfield services firm Arabian Drilling Co surged more 23% to 123 riyals in its market debut. It set the final price at 100 riyals a share, the top end of its price range, raising 2.67 billion riyals ($710.39 million), valuing the company at 8.9 billion riyals.

Dubai's main share index gained 0.9%, with blue-chip developer Emaar Properties rising 2.3%.

In Abu Dhabi, the index advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country's biggest lender, First Abu Dhabi Bank.

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