Qatar outperforms Gulf stock markets on rising oil prices and corporate earnings

An investor watches a screen displaying stock information at the Abu Dhabi Stock Exchange on June 25, 2014.

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July 31 (Reuters) – Most Gulf stock markets ended higher on Sunday as the Qatari index outperformed the region, benefiting from support from higher oil prices and strong corporate earnings.

Crude prices, the catalyst for Gulf financial markets, rose more than $2 a barrel to settle at $110.01 a barrel on Friday ahead of next week’s OPEC+ meeting. Sources say he will consider leaving production unchanged.

In Qatar, the index (.QSI) rose 1.9%, with Qatar Islamic Bank (QISB.QA) rising 2.4% and Islamic lender Masraf Al Rayan (MARK.QA) closing up 3 .9%.

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Among other gainers, Mekdam Holding (MKDM.QA) jumped 3.6%, after reporting a surge in first-half profits.

Saudi Arabia’s benchmark (.TASI) added 0.4%, led by a 3.6% gain by petrochemical company Yansab (2290.SE).

The kingdom’s gross domestic product rose 11.8% in the second quarter compared to the same period in 2021, according to the government’s first estimates released on Sunday, as the world’s top oil exporter benefits from higher oil prices. ‘energy. Read more

Growth was largely driven by a 23.1% increase in oil activities, the General Statistics Authority said, while non-oil activities rose 5.4%.

Looking beyond the Gulf, Egypt’s blue chip index (.EGX30) ended up 1%, with Commercial International Bank (COMI.CA) climbing 1.2%.

Egypt’s M2 money supply rose 23.4% year-on-year in June, central bank data showed on Sunday.

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Reporting by Ateeq Shariff in Bangalore; edited by Barbara Lewis

Our standards: The Thomson Reuters Trust Principles.

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