Increase in Gulf bourses
Increase in Gulf bourses

Most of the stock exchanges in the Middle East region rose on Tuesday, supported by the rise in oil prices, amid hopes for a recovery in the activity of transport and fuel demand, as countries started to reduce public isolation measures due to the Corona virus. Brent crude futures rose 7.5 percent, or $ 2.04, to $ 29.24 a barrel by 1155 GMT.

The Saudi News Agency reported that the Kingdom started on Sunday to isolate an industrial zone in Dammam, in the oil-producing eastern region, where the Aramco company is located, to reduce the spread of the Corona virus.

Aldrees Petroleum and Transport Services rose 5.4 percent after it announced a slight increase in the quarterly net profit.

In Dubai, the main index rose 0.4 percent, thanks to the rise of Emirates National Bank of Dubai 1.1 percent.

Separately, Care Technologies, a subsidiary of Uber Technologies, said yesterday that it cut 536 jobs this week, representing 31 percent of the workforce in the Dubai-based company.

And the Abu Dhabi index gained 1.6 percent, with the shares of the first Abu Dhabi Bank, the largest of the UAE banks, rising 3.1 percent.

Qatar’s index closed up 1.5 percent, and 19 of its 20 stocks rose, including Petrochemical Industries Qatar, 3.8 percent.
Outside the Gulf region, the Egyptian index gained 1 percent, as Commercial International Bank shares closed 1.3 percent higher, despite the first-quarter net profit falling 9 percent. But the bank achieved an increase in net interest income.

The following are the closing levels of Arab stock market indices today:

Saudi Arabia .. the index rose 1.7 percent to 6,711 points.

Abu Dhabi .. the index gained 1.6 percent to 4,104 points.

Dubai .. The index rose 0.4 percent to 1932 points.

Qatar .. The index added 1.5 percent to 8,800 points.

Egypt .. the index advanced 1 percent to record 10188 points.

Bahrain .. The index fell 0.2 percent to 1298 points.

Sultanate of Oman .. The index fell 0.2 percent to 3493 points.

Kuwait .. the index rose 1.8 percent to 5,274 points.