DUBAI (Reuters) – Most of . closed Major Gulf Stock Exchanges On Wednesday, it gained gains as oil prices rose, while the Dubai market closed down due to pressure from real estate stocks.
Brent crude rose 32 cents, or 0.3 percent, to $ 72.42 a barrel by 09:11 GMT, after touching $ 72.83 earlier, the highest level since May 20, 2019. Crude rose one percent on Tuesday.
The main Saudi index rose 0.5% to 10,790 points, as Al-Rajhi Bank rose 0.8% and the share of Savola Group jumped 3.6%.
Abu Dhabi’s index rose 0.6 percent to 6,711 points, Abu Dhabi Commercial Bank added 3.2 percent and Abu Dhabi National Hotels Company jumped 14.8 percent after the Abu Dhabi-owned Holding Company submitted an offer to merge the Abu Dhabi National Exhibitions Company with the hotel company.
The shares of Abu Dhabi Commercial Bank rose for the second day after the bank received, on Tuesday, an amended offer to buy its stake in the Alexandria Medical Services Company, as the potential buyer increased the offer price to 700 million Egyptian pounds ($44.73 million) from the 650 million previously offered.
The Dubai market index lost 0.1 percent to 2,832 points. Shares in Emaar Properties and its unit Emaar Malls each fell 1 percent, and Damac Properties lost 1.5 percent.
In the Bahrain market, the index rose 0.3 percent to 1546 points, the Muscat market index rose one percent to 4,020 points, and the Kuwait Stock Exchange index gained 0.1 percent to 6,848 points.
The Qatari stock index rose 0.2 percent to 10,691 points to stop its losses that continued over four sessions, with Industries Qatar gaining 0.6 percent and Qatar Aluminum Industry 4.5 percent.
Outside the Gulf region, Egypt’s blue-chip index closed up 0.8 percent to 10,042 points, Commercial International Bank, the country’s largest listed bank, added 1 percent, and Fawry Banking Technology and Electronic Payments advanced 1.2 percent.