Oil prices, the main driver of Gulf markets, rose 66 cents to $93.02 a barrel on Friday, amid expectations that a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers including Russia, known as the OPEC+ group, will discuss production cuts.
The Saudi index rose 0.4%, with the share of Riyad Bank increasing by 3.3%, and the share of the oil giant, “Aramco” Saudi Arabia, rising by 1.5% to 37.65 riyals.
The shares of the Arab Technical Contracting Company “Al Arabiya” also rose by 0.6 percent, after its board of directors recommended distributing cash dividends to shareholders for the first half of this year at 1.90 riyals per share.
On the other hand, the indices of the Kuwait Stock Exchange closed down, due to the decline in the leading shares, especially in the banking sector.
The primary market index decreased by 0.59 percent, the main market index decreased by 0.52 percent, and the general market index decreased by 0.57 percent.
Shares of National Bank of Kuwait fell 0.4%, Kuwait Finance House fell by 1%, and Gulf Bank fell 0.3%.
The Egyptian blue-chip index rose by 0.6 percent at the close, after the shares of “Eastern Company”, the only cigarette maker in the country, jumped by 3 percent due to the increase in the prices of its products as of today.
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