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Saudi Arabia exchange has its biggest gain in more than a year

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Saudi Arabia's benchmark index advanced 2.6%, its biggest intraday gain in more than a year, buoyed by a 3.4% jump in Al Rajhi Bank and a 1.6% increase in oil giant Saudi Aramco.
  • Stock markets in the Gulf ended higher on Tuesday, after a steep sell-off
  • Global recession risks kept investors cautious
  • Saudi Arabia saw a 1.6% increase for oil giant Saudi Aramco.
  • Dubai climbed 1.7%, while Abu Dhabi rose 1.2%

Stock markets in the Gulf ended higher on Tuesday, pausing for breath after a steep sell-off, but major central banks’ rate hike plans and global recession risks kept investors cautious.

Saudi Arabia’s benchmark index advanced 2.6 percent, its biggest intraday gain in more than a year, buoyed by a 3.4 percent jump in Al Rajhi Bank and a 1.6 percent increase in oil giant Saudi Aramco.

The kingdom’s April crude exports rose to a two-year peak of 7.382 million barrels per day (bpd) in April, data from the Joint Organizations Data Initiative (JODI) showed on Monday.

Dubai’s main share index climbed 1.7 percent, after three sessions of losses, with sharia-compliant lender Dubai Islamic Bank closing 2.3 percent higher.

Investors moved to buy the dip, creating a rebound after a month of price corrections, said Fadi Reyad, market analyst at

“Markets could see a small period of calm but they remain exposed to the uncertainties around inflation and economic growth.”

In Abu Dhabi, stocks finished up 1.2 percent, led by a 1.2 percent rise in the United Arab Emirates’ biggest lender First Abu Dhabi Bank.

Oil prices, a key influence on the Gulf’s financial markets, rose almost $2 on high summer fuel demand, while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.

The Qatari index edged up 0.1 percent, snapping a four-day losing streak, helped by a 1 percent gain in petrochemical maker Industries Qatar.

According to Reyad, the positive performance could be short-lived as natural gas prices continue to decline.

Outside the Gulf, Egypt’s blue-chip index finished 0.2 percent higher, with top lender Commercial International Bank putting on 0.9 percent.

Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, Egypt’s General Authority for Investment and Free Zones said in a statement on Tuesday.


SAUDI ARABIA rose 2.6 percent to 11,660

ABU DHABIup 1.2 percent to 9,470

DUBAI gained 1.7 percent to 3,264

QATAR added 0.1 percent to 12,076

EGYPT gained 0.2 percent to 9,697

BAHRAIN was up 0.4 percent to 1,838

OMAN rose 0.2 percent to 4,146

KUWAIT advanced 1.3 percent to 8,030