Oil prices, a major catalyst for financial markets in the Gulf, rose about 2 percent on Friday, recording gains for the fourth consecutive week, supported by mounting evidence of possible supply shortages in the coming months and an exacerbation of the conflict between Russia and Ukraine, which could severely affect supplies.
Russia continued to bomb Ukrainian food export ports for the fourth consecutive day on Friday and seized ships in the Black Sea, in an escalation of conflict in the region since Moscow withdrew last week from the United Nations-brokered agreement to export grain through the Black Sea.
stock movements
The Saudi market index closed flat after hitting an eight-month high last week.
Saudi Arabia announced on Friday that it would join the Global Hydrogen Trade Forum to be launched by the Ministerial Group on Clean Energy, a global group formed to promote renewable energy policies.
The Qatari index rose 0.5 percent, to continue its gains for the eighth consecutive session, supported by a 10 percent jump in the shares of Barwa Real Estate Company.
Outside the Gulf region, the leading stock index in Egypt declined by 0.2 percent, affected by a 1.1 percent drop in the shares of Al-Sharqiya Company – Eastern Company, which monopolizes the tobacco industry.
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