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Most Gulf Markets Gain; Egypt Extends Losses

Most stock markets in the Gulf ended higher on Sunday in response to Friday’s rise in oil prices, while the Egyptian index extended losses for a fourth session.

Oil prices — a key catalyst for the Gulf’s financial markets — climbed about 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil.

Saudi Arabia’s benchmark index (.TASI) rose 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) gaining 1.1%.

The kingdom has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal.

In Qatar, the index (.QSI) gained 0.3%, led by a 1.8% increase in telecoms firm Ooredoo (ORDS.QA).

OPEC will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to OPEC said.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) slid 3.2%, extending losses for a fourth session, as foreign investors continue to sell amid difficult economic conditions locally and internationally.

Almost all the stocks on the index were in negative territory including Misr Fertilizers (MFPC.CA), which retreated about 18%.

SAUDI ARABIA(.TASI) rose 0.1% to 11,609
QATAR(.QSI) gained 0.3% to 10,271
EGYPT(.EGX30) fell 3.2% to 16,555
BAHRAIN(.BAX) eased 0.3% to 1,954
OMAN(.MSX30) was flat at 4,789
KUWAIT(.BKP) added 0.4% to 8,020

Source: Reuters

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