Saudi bourse gains on rising oil prices; Egypt falls!– OnMyWay Mobile App User News

Saudi Arabia’s stock market ended higher on Sunday in response to Friday’s sharp rise in oil prices, while the Egyptian index slipped into negative territory following a recent rally.

Crude prices – a key driver of the Gulf’s financial markets – settled up by more than 5% on Friday amid uncertainty around future interest rate hikes by the U.S. Federal Reserve, while a looming EU ban on Russian oil and the possibility of China easing some COVID restrictions supported markets.

The benchmark index in Saudi Arabia gained 0.7%, led by a 1.6% jump in oil giant Saudi Aramco and a 0.5% increase in Al Rajhi Bank.

The Kingdom is considering setting up a new metals and mining stock exchange index as it looks to expand its resources sector to diversify away from hydrocarbons, a senior government official said on Friday. Saudi Arabian Mining Company was up 1.5%.—Agencies


OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!

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The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.

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