Saudi, Qatar ends higher as China scraps COVID curbs
World
Saudi, Qatar ends higher as China scraps COVID curbs
(Reuters) - The Saudi and Qatari stock markets finished higher on Sunday after China scrapped COVID curbs, bolstering expectations of a demand recovery in the world s second-largest economy, while Egypt and UAE markets were closed.
Oil prices, which fuels the region s growth, were little changed on Friday close as the market balanced a weaker U.S. dollar and mixed U.S. jobs reports. Brent futures fell 12 cents, or 0.2%, to settle at $78.57 a barrel on Friday.
Meanwhile world s top crude exporter, Saudi Arabia, lowered prices for the Arab light crude it sells to Asia to its lowest since November 2021 amid the global pressures hitting oil.
Saudi Arabia s benchmark index (.TASI) edged up 0.1% led by a 2.6% jump in state-owned mining company Saudi Arabian Mining Co(Ma aden) (1211.SE).
Among other active stocks, IT service management firm Perfect Presentation For Commercial Services (7204.SE) close 0.8% higher, paring gains after rising as much as 2.7% in today trade after it obtained an IT services contract worth 43.9 million riyals ($11.68 million).
The benchmark stock index in Qatar (.QSI) gained 1.4%, supported by its Industrial and financial stocks as petrochemical maker Industries Qatar (IQCD.QA) jumped 3.1% while lender Masraf Al Rayan (MARK.QA) was up 2.5%.
Meanwhile Qatari IT services firm MEEZA will be the first company in the country to use book building to carry out an initial public offering, it said in a statement on Sunday, as Qatar aligns itself with international practices.
