Most Gulf stock markets rose Wednesday following the rise in oil prices, but gains came limited, due to the approach of the month of Ramadan, which usually witnessing a sharp decline in market activity.
The main index of the Saudi market closed almost stable amid variation in the stock at 9543 points. And shares of "Development Bank" and "the Saudi Basic Industries Corporation" (SABIC) decreased by 0.3 percent each, and were the most actively traded in the market.
In spite of this, "Al Rajhi Bank" increased, which may benefit from the anticipated increase in US interest rates later this year by 1.2 percent, with waiting of investors for a statement of "Federal Reserve Board" (US central bank) later today, after meeting of The Monetary Policy Committee of the Bank. Linking the Saudi riyal to the US dollar means that the Kingdom will follow the footsteps of raising interest rates in the United States, as it does not generate a significant portion of bank deposits in the Saudi interest, therefore, raising interest rates will boost margins of banks' profits, and may also lead to a slowdown in lending growth, what drives investors to buy shares of banks with a high degree of selectivity.
Modest trading volumes over the three days after the opening of the Saudi stock market to foreign direct investment this week show slowdown of foreign to purchase the shares.
In Dubai, the Dubai market index rose 0.2 percent to 4088 points, and "Dubai parks and resorts" shares record up of about five percent to 1.26 dirhams before trimming its gains to 1.7 percent, and the stock represented about a third of trading value in the market.
"Amlak for Finance" shares decreased by 5.5 percent, and "central" occupied the second place among the most actively traded stock in Dubai, speculators aimed at this share since the resumption of its trading in this month after a hiatus of six years, during which the company restructured its debt.
General Index of Abu Dhabi Market rose 0.8 percent to 4580 points, with rise of most of the stock. "Etisalat" share increased by 0.9 percent while "First Gulf Bank," increased by 1.7 percent.
Qatar's index rose by 0.1 percent to 11 884 points, with rise of "Qatar Industries" share by one percent. Crude "Brent" rose about a dollar today in light of strong demand from the United States, what positively affect the company's activities in the field of petrochemicals.
The main index of the Egyptian stock exchange closed slightly rise by 0.01 percent to 8557 points. The "International Commercial Bank" share decreased by 0.6 percent to 57.95 Egyptian pounds.
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