QSE, GCC markets gain as oil surges

QSE, GCC markets gain as oil surges

Most stock markets in the GCC region ended higher on Monday tracking a rise in oil prices after a surprise announcement by OPEC+ to cut more production joltedmarkets.

Qatar Stock Exchange (QSE) index gained 206.29 points, or 2.04 percent, to close trading at 10,298.93 points onMonday.

Qatar National Bank, the Gulf’s biggest lender, closed 3.7 percent higher to lift the main index higher.

The volume of shares traded increased to 137,261,645 from 131,367,275 on Sunday and the value of shares increased to QR392,218,617.22 from QR360,999,116.01 on Sunday.

The indices of six sectors ended in green zone and one sector ended in red zone today. The QSE Total Return Index added 2.04 percent to 22,102.95, QSE Al Rayan Islamic index gained 1.29 percent to 4,565.74 points and QSE All Share Index increased 2.04 percent to 3,437.94 points.

Saudi Arabia’s benchmark index advanced 1.6 percent, buoyed by a 5.9 percent jump in Riyad Bank and a 1.2 percent increase in Retal Urban Development Co. The kingdom said it would cut output by 500,000 bpd. The Saudi energy ministry said the country’s voluntary reduction was a precautionary measure aimed at supporting the stability of the oil market.

According to Ahmed , head of market research MENA at XS.com, reopening