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Major stock markets in the Gulf edged higher in early trade on Monday as investors awaited more clues on global monetary policy trajectory after mixed U.S. economic data last week.
Saudi Arabia’s benchmark index gained 0.4%, with oil giant Saudi Aramco rising 0.8%.
Aramco slashed the official selling price (OSP) for February-loading Arab Light to Asia by $2 a barrel from January to $1.50 a barrel over Oman/Dubai quotes, a level last seen for November 2021.
The price cut, the biggest in 13 months, is in line with market expectations, as refiners called for competitive prices from Saudi Arabia comparing to crude oil supplied from other Middle Eastern producers and the arbitrage cargoes from the Atlantic Basin.
Among other gainers, media giant MBC Group soared 30% above their listing price on Monday on their market debut, after raising 831 million riyals ($221.59 million) in an initial public offering (IPO) for 10% of the business.
Gulf bourses rise on higher oil prices
Pharmaceutical manufacturer Middle East Pharmaceutical Industries Company, known as Avalon Pharma, on Sunday said it would sell shares on the Saudi Exchange’s Main Market through an initial public offering (IPO).
Dubai’s main share index added 0.2%, with blue-chip developer Emaar Properties advancing 1%.
Separately, a growing number of wealth managers in Asia are setting up offices in Dubai, capitalising on warming diplomatic ties between China and the Middle East and betting on a surge in demand from clients for geographical diversification.
In Abu Dhabi, the index was up 0.2%, helped by a 1.3% rise in the country’s biggest lender First Abu Dhabi Bank.
The Qatari index edged 0.1% higher, with the Gulf’s biggest lender Qatar National Bank gaining 0.6%.
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