DUBAI (Reuters) – The major stock markets in the Gulf ended higher on Tuesday, following the lead of global markets, while the blue-chip index in Egypt jumped for the sixth consecutive session.
The EGX30 index on the Egyptian Stock Exchange rose 1.3 percent, after it jumped more than four percent in Monday’s session, its largest percentage gain in nearly two years.
“The Egyptian Stock Exchange opened higher, with investors taking into account the initiatives launched by the government to mitigate the effects of the war in Ukraine on the Egyptian economy,” said Wael Makarem, chief Middle East market strategist at Exness.
Today, Tuesday, Egypt lowered its real GDP growth target to 5.5 percent for the 2022-2023 fiscal year, which begins in July, a day after the central bank raised the base interest rate by 100 basis points at an extraordinary meeting of the Monetary Policy Committee.
European stock indices rose as investors revised their expectations for interest rates, while oil prices rose, supported by supply risks stemming from the possibility of the European Union imposing an embargo on Russian oil and fears of attacks on Saudi oil facilities.
The benchmark index of Saudi stocks closed up 0.4 percent.
Shares of Al-Nahdi Medical Company jumped about 21 percent to 158.4 riyals, compared to 131 riyals per share in its initial public offering. The shares closed at 150 riyals per share.
Nahdi raised 1.36 billion riyals in Saudi Arabia’s largest initial public offering since Aramco listed in 2019.
Shares of the Saudi mining company rose 3.5 percent after it said it had exported the first shipment of ammonia from its new port.
The Dubai market index fell 0.3 percent, under pressure from the shares of the Emirates Telecommunications Company, which fell 2.1 percent.
The Abu Dhabi market index rose 0.7 percent, after closing lower in the previous two sessions.
The Qatari index rose 0.1 percent, as gains by mining companies outweighed losses in the energy sector.
Shares of Commercial Bank fell 2.6 percent.
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