Saudi shares rise with oil on Sunday as Qatar falls to lowest close since 2020 and Egypt drops 2.6%

Saudi Arabia’s main share index rose on Sunday 18 October while most other Middle East markets that traded closed lower, Reuters reported. Several exchanges in the region trade on Sundays; markets in the United Arab Emirates did not.

The Tadawul All Share Index gained 0.82%, or 83.23 points, to close at 10,189.77, according to Saudi Exchange data published by The Edge. Turnover was about 2.4 billion riyals, Argaam reported. Saudi Aramco rose 2.1%, Reuters said.

Reuters linked the gain to oil prices. Brent crude futures settled 3.7% higher at $US109.86 a barrel on Friday, their highest close since 19 May.

Qatar’s index fell 2% to 8,634, its lowest close since April 2020, according to Reuters. Industries Qatar dropped 4.3% and Qatar Islamic Bank lost 2.6%.

Egypt’s blue-chip EGX 30 index fell 2.6% to 50,896.19, which Reuters said was its biggest intraday fall since February. The Edge said 206 stocks on the Egyptian Exchange fell and seven rose. The Central Bank of Egypt’s average market rate put the US dollar at 53.47 pounds, up from 53.41 at Thursday’s fixing, The Edge reported.

Indexes in Bahrain, Oman and Kuwait also closed lower, by between 0.2% and 0.5%, Reuters said.

On Sunday the Egyptian presidency said Cairo was ready to give Saudi Arabia the support it needs to defend its security and stability, Reuters reported. Reuters said Yemen’s Houthis have intensified their attacks on Saudi Arabia. Iranian Foreign Minister Abbas Araqchi told Iranian media that Tehran’s offer to the United States to reopen the Strait of Hormuz within seven days was still on the table, according to Reuters.