Major Gulf bourses end higher as Dubai extends gain to eighth straight session

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Major Gulf bourses end higher as Dubai extends gain to eighth straight session

On Sunday, a basket of major Gulf bourses had eked out large gains, as a giant leapfrog in crude oil prices last week that seemingly had pared a half of the losses what crude oil benchmarks had stomached since the onset of Omicron outbreak on November 25, had improved market participants’ morale by a substantial margin.

Aside from that, an ease in investors’ concern over Omicron’s fiscal fallouts following soothing comments about the variant from US CDC head Dr Anthony Fauci and S. African physicians, had proffered further boost on investors’ optimism.

In point of fact, earlier last week, US CDC head Fauci was quoted saying that Omicron cases had been showing mild symptoms so far, while WHO Director Generale Tedros Adhanom had told that existing vaccines would be able to prevent hospitalization of Omicron-infected patients, eventually eclipsing worries of Omicron’s impact on global economic growth alongside petroleum demands.

Major Gulf bourses end higher

Citing statistics, in the day’s Mideast market closing bell, Saudi’s benchmark index edged 0.3 per cent higher with Sahara Petrochemical jumping 3.3 per cent and SABIC adding 1.1 per cent, as US crude oil contracts had secured their first weekly percentage gains in more than 15 weeks.

Dubai’s main index added 0.2 per cent, spanning its latest leg of blistering rally into an eighth straight session in a row as the Emirati state’s Islamic sharia-based lender Dubai Islamic Bank leapt 0.6 per cent, while Abu Dhabi’s benchmark index rose 1.0 per cent, snapping up a three-session-long streak of losses with Etisalat rising as much as 2.3 per cent.

Outside the Gulf, Egypt’s blue-chip index soared 1.5 per cent with the country’s leading lender Commercial International Bank rising 2.7 per cent. Elsewhere in the Gulf, Qatar and Bahrain ended almost flatlined, while Oman and Kuwait tumbled 0.5 per cent and 0.2 per cent respectively.