Saudi bourse gains on rising oil prices; Egypt falls
Business
Saudi bourse gains on rising oil prices; Egypt falls
(Reuters) - Saudi Arabia's stock market ended higher on Sunday in response to Friday's rise in oil prices, while the Egyptian index was in the red on profit-taking.
Oil prices - a key catalyst for the Gulf's financial markets - rose over 2% on Friday after energy firms posted positive earnings and U.S. data showed crude output was declining while fuel demand was growing.
EIA data this week showed U.S. crude oil and gasoline inventories fell more than expected last week as demand for motor fuel picked up ahead of the peak summer driving season.
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Retal Urban Development Co (4322.SE) advancing 2.9% and Dr Sulaiman Al-Habib Medical Services (4013.SE) closing 2.8% higher.
Elsewhere, oil giant Saudi Aramco (2223.SE) added 0.8%.
In Qatar, the index (.QSI) added 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) rising 1.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.7%, with El Sewedy Electric (SWDY.CA) sliding about 3%.
Egypt is strongly considering approving the currencies of its commodity trade partners, including China, India and Russia to try to lessen the need for dollars, Supply Minister Ali Moselhy told reporters on Saturday.
