The Saudi index rises as oil prices rise.
The Saudi stock market rose in early trade, tracking higher oil prices, while the Qatari index was set to extend losses for a second session.
Crude prices rose as the US dollar fell against major peers, but gains were limited by concerns about slowing global fuel demand growth amid bearish economic data from key oil-importing economies such as China.
The Saudi benchmark index (.TASI) rose 0.1%, boosted by a 1.4% increase in Retal Urban Development Co (4322.SE) and a 3% increase in Saudi Telecom Company (STC) (7010.SE).
Saudi Tadawul Group Holding (1111.SE) was up 1.1% a day after the country’s Public Investment Fund announced the formation of the Regional Voluntary Carbon Market Company in collaboration with Tadawul.
The Qatari index (.QSI) fell 1% as the majority of the index’s stocks fell, including Qatar Aluminium Manufacturing Co (QAMC.QA), which fell 3.3%.
