Oil prices, a major catalyst for Gulf financial markets, rose more than 2% on Friday after energy companies reported positive results and U.S. data showed a decline in crude output as the fuel demand was increasing.
Data from the US Energy Information Administration showed a few days ago that inventories of crude oil and gasoline in the United States fell last week more than expected, while demand for automotive fuel rose at the approaching the peak of the summer season.
stock movements
The Saudi market index rose 0.3%, with Retal Urban Development Company’s share rising 2.9% and Dr. Sulaiman Al Habib Medical Services Group’s share rising 2.8% at the close of trading .
Saudi oil giant Aramco also rose 0.8%.
On the other hand, the main index of the Egyptian Stock Exchange fell by 0.7%, the share of El Sewedy Electric falling by almost 3%.
Supply Minister Ali al-Moselhi told reporters on Saturday that Egypt is seriously considering approving the currencies of its trading partners, including China, India and Russia, in a bid to reduce the need dollars.
Read the Latest World News Today on The Eastern Herald.
