International Business: Saudi index outperforms Gulf peers as oil prices rise – Gulf Digital News

International Business: Saudi index outperforms Gulf peers as oil prices rise – Gulf Digital News

DUBAI: Most stock markets in the Gulf ended higher yesterday as an uptick in oil prices lifted sentiment in the oil-producing region, with the Saudi index leading the gains.

Crude prices, a key catalyst for the Gulf’s financial markets, extended gains on a weaker dollar and tight supplies as concerns deepened around gas shipments from Russia.

The benchmark Saudi Arabian index added 2.3 per cent, buoyed by a 3.3pc rise in Riyad Bank and a 2.8pc increase in Banque Saudi Fransi. The Saudi market saw a positive performance after the US president’s visit and as oil prices rose, said Farah Mourad, senior market analyst of XTB MENA. “However, the market remains exposed to another round of price corrections since global economic conditions remain uncertain,” Mourad added.

The recent pullback in oil prices and mounting recession fears had pushed the Saudi index to its lowest in more than six months on Thursday.

In Dubai, the main share index rose 0.3pc on the back of a 2.7pc jump in blue-chip developer Emaar Properties. On the other hand, Emirati supermarket chain Union Coop plunged about 9pc in its market debut. The company, which operates 23 branches, is the largest consumer cooperative in the UAE, according to its