Market News

Investing.com -- Most Gulf stock markets closed higher on Sunday as oil prices increased following U.S. President Donald Trump’s threat of economic sanctions against Iran’s trading partners, raising expectations of tighter crude supplies.

Brent crude settled at $94.39 a barrel on Friday. The United States and Iran exchanged defiant messages ahead of Monday’s planned announcement of new U.S. economic sanctions, which could affect Iran and major trading partners including China.

Saudi Arabia’s benchmark index gained 1.1% to 11,079, with materials and financial shares leading the advances. Al Rajhi Bank (TADAWUL:1120) rose 2.1%, while Saudi Arabian Mining (TADAWUL:1211) gained 4%. National Shipping Company of Saudi Arabia (TADAWUL:4030) surged 9.5% to 37.30 riyals per share, its highest closing level in two decades.

Qatar’s benchmark index edged up 0.1% to 9,688, helped by gains in communications, financial, energy and materials stocks. Qatar National Bank (QE:QNBK), the region’s largest lender, climbed 1.6%, while Qatar Gas Transport (QE:QGTS) added 1.5%.

Egypt’s blue-chip index extended gains for a second consecutive session, closing 1.1% higher at 55,350 as most shares advanced. Commercial International Bank (EGX:COMI) rose 1.3%, while Telecom Egypt (EGX:ETEL) gained 3.1%. The state-controlled telecoms operator said it would be included in the FTSE Emerging Markets Index following the index provider’s semi-annual review for September.

Egypt’s central bank left its overnight interest rates unchanged on Thursday.

Kuwait’s index rose 0.8% to 9,309, while Bahrain’s index ended flat at 1,944. Oman’s index fell 0.2% to 7,509.