November 16, 2021

Saudi leads major Gulf markets higher

Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed

Oct 17 (Reuters) – Major stock markets in the Gulf rose in early trade on Sunday amid strong oil prices, with the Saudi index outperforming the region as the country eased coronavirus curbs.

The kingdom is rolling back COVID-19 restrictions from Oct. 17 in response to a sharp drop in daily infections and a considerable development in vaccinations. read more

The authorities also cancelled curbs on fully vaccinated people at closed venues, restaurants and cinemas, and on transportation.

Saudi Arabia’s benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.5%, while Jabal Omar Development (4250.SE), one of Saudi Arabia’s largest-listed property developers, advanced 2.7%.

Saudi non-oil exports were up 37% to 125.3 billion riyals…

Read full article here: