Most Gulf Stock Exchanges Track Oil Prices, Asian Stocks Rise

December 28 (Reuters) – Most Gulf stock markets rose at the start of trading on Tuesday, following gains in oil prices and Asian stocks as some investors feared less economic damage from the Omicron variant of COVID-19.

Saudi Arabia’s benchmark index (.TASI) gained 0.6%, with Al Rajhi Bank (1120.SE) rising 1% and oil giant Saudi Aramco (2222.SE) adding 0.6%.

Oil prices, a key catalyst for Gulf financial markets, extended their gains with prices trading near yesterday’s one-month high in hopes that the Omicron variant will have a limited impact on demand. fuel.

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Meanwhile, Saudi Arabia has delayed the launch of a major development strategy for the city of Riyadh until 2030 until next year due to some “incomplete elements,” the agency reported. SPA official press. Read more

The kingdom is investing $ 220 billion to transform Riyadh into a global city by 2030, and hopes to attract a similar amount of private sector investment, Reuters reported in January, citing the head of the capital’s royal commission. Read more

Dubai’s main stock index (.DFMGI) rose 0.3%, supported by a 0.8% gain from leading developer Emaar Properties (EMAR.DU).

The UAE has approved the emergency use of Sinopharm’s protein-based COVID-19 vaccine and it will be available to the public as a booster dose from January 2022, the health ministry said. Read more

The Qatari index (.QSI) rose 0.2%, on track to end two losing sessions, with Qatar Fuel gaining 0.9%.

In Abu Dhabi, the index (.ADI) fell 0.4%, penalized by a 0.8% drop from the country’s leading lender, First Abu Dhabi Bank (FAB.AD).

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Reporting by Ateeq Shariff in Bangalore; Editing by Subhranshu Sahu

Our standards: Thomson Reuters Trust Principles.

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Felix J. Dixon