DUBAI: Most stock indexes in the Gulf rose in early trade yesterday as recession fears ebbed, extending a rebound from the recent selloff triggered by central banks globally raising interest rates to tame inflation.
Saudi Arabia’s benchmark index gained 1.2 per cent, bolstered by a 2.5pc rise in Al Rajhi Bank and a 2.2pc gain in the kingdom’s largest lender, Saudi National Bank . The index is up for a fourth session.
Saudi Arabia’s foreign minister said on Tuesday that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest more in capacity to process crude oil into various oil products.
Dubai’s main share index extended gains to a fifth session, adding 1.1pc, with Emirates Integrated Telecommunications advancing 3.3pc.
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