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Gulf Markets See Rising Oil Demand Expectations

Gulf Markets See Rising Oil Demand Expectations

Thursday, 15 April, 2021 - 09:15
An illustration picture shows a projection of binary code on a man holding a laptop computer, in an office in Warsaw June 24, 2013. (Reuters)

Major Gulf stock markets closed higher on Wednesday, with the rise in oil prices after a revised forecast of demand for crude, while the Egyptian Stock Exchange was hit by selling in the leading stocks.

The International Energy Agency said it expected the demand and global oil supplies to be balanced in the second half of the year, adding that producers might need to pump an additional two million barrels per day to meet the expected demand.

Brent crude futures rose $1.01, equivalent to 1.59 percent, to $64.68 per barrel.

Saudi Arabia’s main index closed higher 0.1 percent, supported by an increase of Al-Rajhi bank share 0.8 percent and the Riyadh Bank by 2 percent.

However, the losses of the shares of the Saudi Basic Industries Corporation (SABIC), which produces petrochemicals, and the share of the Almarai Company, the largest dairy industry in the Gulf, have limited index earnings.

In Dubai, the main index rose 0.2 percent, supported by the growth of the Emirates NBD, the Emirate’s largest bank, 2.2 percent.

Outside the Gulf region, the Egypt blue chips index declined 1.9 percent, with 29 of its 30 shares dropping.

On a different note, the Saudi Capital Market Authority organized on Wednesday an event entitled: “Cyber Security Day for Financial Market Institutions”, targeting a number of cybersecurity and information technology officials in the financial market institutions.

The event featured virtual exercises to simulate cyber-attacks with the aim of training and raising the capabilities of cybersecurity in the financial market sector and enhance awareness of cyber risks and best security practices to reduce such threats in the sector.

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