The Saudi index at the highest for more than 15 years; Egypt is hit by a massive sale of blue chips

A trader looks at screens at the Bahrain Stock Exchange in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

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Jan 13 (Reuters) – Most Gulf stock markets ended higher on Thursday, with the Saudi index hitting its highest level since mid-2006, while Egypt’s stock market fell on a sell-off in blue chips.

Saudi Arabia’s benchmark (.TASI) rose 1%, supported by a 5.4% rise in Riyadh Bank (1010.SE) and a 1.5% rise in Saudi National Bank (1180.SE).

The Saudi market was supported by the high price levels in the oil markets, according to Farah Mourad, senior market analyst at XTB MENA.

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“Additionally, the market could see strong support this year, with the Saudi fund planning to invest $10 billion in local stocks,” Mourad said.

Separately, the kingdom plans to auction up to three mining licenses in 2022, including the Khnaiguiyah mines where zinc and copper deposits are estimated at around 26 million tonnes, the country’s mines minister said on Wednesday. kingdom. Read more

In Abu Dhabi, the index (.ADI) gained 0.7%, led by a 1.8% gain from the country’s largest lender, First Abu Dhabi Bank (FAB.AD).

Dubai’s main stock index (.DFMGI) rose 0.2%, helped by a 1.1% rise in Emirates NBD Bank (ENBD.DU).

Crude prices, a key catalyst for Gulf financial markets, stabilized near 2-month highs, with Brent crude trading near $85 a barrel, buoyed by expectations that a strong economic recovery will spur growth. request.

However, a rise in US inventories and high inflation limited the gains.

The Qatari index (.QSI) climbed 1.3%, with most stocks in the index in positive territory, including Qatar Islamic Bank (QISB.QA), which rose 2.7%.

Qatar’s economy grew 2.6% year-on-year in the third quarter of 2021, according to official estimates, driven mainly by the non-hydrocarbon sector. Read more

Outside the Gulf, Egypt’s blue chip index (.EGX30) fell 0.4%, hit by a 2.2% drop in investment bank EFG Hermes (HRHO.CA).

The Egyptian stock market fell today after posting strong gains in recent weeks as investors move to secure their gains. Overall, the market could see some price corrections but remains on a positive basis, Mourad said.

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Reporting by Ateeq Shariff in Bangalore; Editing by Krishna Chandra Eluri

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