Qatar stocks rise with oil; Saudi index declines

As oil prices rise due to significant production cuts by top producers, Qatar’s stock market rebounded Sunday, with its primary index (.QSI) up 0.2%.

Leading this recovery were Baladna (BLDN.QA), which climbed 3%, and Islamic banks Qatar Islamic Bank (QISB.QA) and Qatar International Islamic Bank (QIIB.QA), with gains of 2.2% and 1.1%, respectively.

Conversely, Saudi Arabia’s benchmark index (.TASI) declined for the seventh consecutive session, ending 0.2% lower.

Significant drops came from Savola Group (2050.SE) and Halwani Brothers (6001.SE), which plunged 5.5% and 8.9%, respectively, with Halwani reporting increased Q2 losses.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) rose 1.4%, led by gains in Misr El Gadida Housing (HELI.CA) and El Sewedy Electric (SWDY.CA).

The recent shifts in oil prices, influenced by strategic production cuts, continue to impact regional stock market performances.

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