Saudi Arabia, Qatar finish higher as China scraps COVID sidewalks

8 Jan. (Reuters) – Saudi and Qatari stock markets closed higher on Sunday after China lifted COVID restrictions, bolstering expectations of a recovery in demand in the world’s second-largest economy, while markets in Egypt and the UAE closed goods.

Oil prices, which are driving the region’s growth, changed little on Friday as the market balanced a weaker US dollar and mixed US jobs reports. Brent futures fell 12 cents, or 0.2%, to settle at $78.57 a barrel on Friday.

Meanwhile, Saudi Arabia, the world’s largest crude oil exporter, slashed prices for the Arab light crude it sells to Asia to the lowest level since November 2021 amid global oil pressures.

Saudi Arabia’s Benchmark Index (.TASI) was up 0.1%, led by a 2.6% increase 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) closed 0.8% higher, gaining as much as 2.7% in current trading after winning a $43 IT services contract. .9 million riyals ($11.68 million).

The benchmark stock index in Qatar (.QSI) gained 1.4%, supported by its industrial and financial stocks, while petrochemical producer Industries Qatar (IQCD.QA) rose 3.1%, while lender Masraf Al Rayan (MARK.QA) rose 2.5%.

Meanwhile, Qatari IT services company MEEZA will be the first company in the country to use bookbuilding to conduct an IPO, it said in a statement on Sunday, as Qatar adapts to international practices.

($1 = 3.6580 Qatari Riyals)

($1 = 3.7580 Riyals)

Reporting by Shamsuddin Mohd in Bengaluru, Edited by Louise Heavens

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