US President Joe Biden intends to visit Israel tomorrow, Wednesday, as it prepares for escalation in Gaza.
Stock movements
The Saudi index rose 1.1 percent, with Al Rajhi Bank shares rising 2.3 percent and oil giant Aramco rising 0.3 percent.
Oil prices, a catalyst for financial markets in the Gulf, stabilized after falling by more than a dollar yesterday, Monday, amid hopes that the United States will ease sanctions on crude-producing Venezuela.
Among the other winners was Savola Group, as the shares of the largest food products company in the Kingdom jumped 5.8 percent after it appointed Moelis & Co Bank to provide advice on strategic options for its business.
This is likely to include selling part of its stake in Almarai Company, the largest dairy company in the Middle East.
Almarai shares also remained unchanged.
Separately, a document showed yesterday, Monday, that the $778 billion Saudi Public Investment Fund appointed banks to arrange a bond sale, which will become the first major issuance of debt instruments in the region, since the escalation in Gaza that erupted last week led to shaking the region’s markets.
The index in the Dubai Financial Market rose by 0.2 percent, heading to end three sessions of losses, supported by the rise in Dubai Islamic Bank shares by 1.3 percent.
On the Abu Dhabi Financial Market, the index rose by 0.9 percent.
The index in Qatar rose 0.1 percent, with the shares of Industries Qatar Petrochemical Company increasing by 0.5 percent.
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