Saudi Arabia’s stock market gained on Sunday after reopening following a week of public holidays for Eid, boosted by higher oil prices.
Impending European Union sanctions on Russian oil heightened the threat of tighter supply, and traders shrugged off concerns about global economic growth. Oil prices rose over 1.5 percent on Friday, and ended the week higher.
The Saudi Arabian benchmark index (.TASI) ended 0.6 percent higher, with Al Rajhi Bank (1120.SE) up 1.8 percent and Saudi Aramco (2222.SE) up 2.1 percent.
Saudi Arabia’s minister of industry and natural resources stated that the ministry aims to attract $32 billion in investments to the country’s mining and minerals sector through nine new projects, according to state news agency SPA.
However, Dr Sulaiman Al-Habib Medical Services (4013.SE) fell 0.9 percent after trading ex-dividend.
Outside of the Gulf, Egypt’s blue-chip index (.EGX30) gained 0.6 percent, adding to the previous session’s advances of more than 3%.
According to private television channel Extra News, Egyptian President Abdel Fattah al-Sisi instructed the government to set up a programme for private sector participation in state-owned assets, with a target of $10 billion annually for four years.
Egypt’s economy, on the other hand, remains vulnerable to European tensions.
The Qatari index (.QSI) fell 0.3 percent, bucking the trend, as petrochemical manufacturer Industries Qatar fell 2.9 percent (IQCD.QA).
