Manama
\nMost stock markets in the Gulf ended higher on Sunday in response to Friday\u2019s rise in oil prices, while the Egyptian index ended lower.
\nOil prices – a catalyst for the Gulf\u2019s financial markets – settled more than 1% higher on Friday, buoyed by a larger-than-expected drawdown from U.S. crude inventories last week.
\nOptimism over Chinese economic growth has also sparked hopes of higher demand next year from the top oil importing nation.
\nThe World Bank on Thursday raised its forecast for Chinese economic growth in 2024 and 2025.
\nSaudi Arabia\u2019s benchmark index (.TASI), opens new tab gained 0.4%, led by a 1.7% rise in the country\u2019s biggest lender Saudi National Bank (1180.SE), opens new tab and an 1.8% increase in ACWA Power (2082.SE), opens new tab.
\nAmong other gainers, BAAN Holding Group (1820.SE), opens new tab advanced 2% after announcing the signing of two binding agreements for the acquisition of multiple real estate assets.
\nIn Qatar, the index (.QSI), opens new tab finished 0.9% higher, with the Gulf\u2019s biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 0.9%.
\nOutside the Gulf, Egypt\u2019s blue-chip index (.EGX30), opens new tab fell 1.2%, with most of its constituents in negative territory including Commercial International Bank (COMI.CA), opens new tab.
\nEgypt\u2019s central bank kept its overnight interest rates unchanged on Thursday, as expected, saying that while inflation was set to decelerate sharply in early 2025, it nonetheless remained high.<\/p>\n","protected":false},"excerpt":{"rendered":"
Manama Most stock markets in the Gulf ended higher on Sunday in response to Friday\u2019s rise in oil prices, while the Egyptian index ended lower. Oil prices – a catalyst for the Gulf\u2019s financial markets – settled more than 1% higher on Friday, buoyed by a larger-than-expected drawdown from U.S. crude inventories last week. Optimism […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-452434","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n