October 17 (Reuters) – Gulf oil markets closed Sunday amid strong oil prices, with the Saudi index peaking at the peak of a multi-year low as the country eased the Corona virus.
The monarchy is returning COVID-19 restrictions in response to a sharp reduction in daily infections and substantial progress in vaccinations since October 17th. Read the Read
Saudi Arabia has also eliminated social distance measures and will allow full-scope attendance at Holy Mosques of the country in Mecca and Medina for those who have received a full dose of the vaccine.
Saudi Benchmark Index (.TASI) gained 0.6%, joining the Jubilee Age Development Company (4250.SE) with a jump of 5.8%, which is one of Saudi Arabia’s listed property developers.
The developer operates a flagship hotel complex and residential and commercial property at the walking distance of the mosque in the Muslim holy city of Mecca.
Among the other yen recipients, oil major Saudi Aramco (2222.SE) added 0.3%, at a cost of $ 2 trillion.
In Abu Dhabi, the index (.ADI) rose 0.3%, while Telecom Firm Etisalat (ETISALAT.AD) gained 0.6%, while Abu Dhabi Commercial Bank (ADCB.AD) was up 2%.
IHC’s chief executive says Conglomerate International Holding Co (IHC) (IHC.AD) intends to list subsidiary Multiply, a holding company that specializes in tech-focused business, based on Abu Dhabi’s main stock market this year. General Chat Chat Lounge Read the Read
IHC shares were 0.2% weighted.
Dubai’s main share index (.DFMGI) was up 0.5%, Dubai Islamic Bank (DISB.DU) was up 1.2% and Dubai Investment (DINV.DU) was up 1.8%.
United Arab Emirates Energy Minister Sohail Almazroi said investment in the energy sector is continuing to meet the demand for oil-rich Gulf sector and to stabilize global markets. Read the Read
Qatar Benchmark (.QSI) finished 0.8% off, with Qatar National Bank (QNBK.QA), the largest lender of the Gulf, at 1.8% equity, while Qatar Islamic Bank (QISB.QA) 1.2. Add a percentage.
After trading hours, net profit for the nine months ended September 30, up from Shariah lending, came in at a net profit of 2.53 billion REAL ($ 694.8 million), an increase of 13.9% over the same period last year.
From the Gulf, however, Egypt’s Blue Chip Index (.EGX30) closed 1.5 percent higher, with most stocks on the index in the positive zone, including Commercial International Bank (COMI.CA).
($ 1 = 3.6411 diameter Rials)
Reporting by Atiq Sharif in Bangalore; Editing by John Harvey
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