On December 29, 2024, most stock markets in the Gulf region experienced gains following a rise in oil prices. The increase was attributed to a larger-than-expected drawdown from U.S. crude inventories, which settled over 1% higher on Friday. Furthermore, optimism surrounding China's economic growth has heightened expectations for increased demand from the world's largest oil importer.
Saudi Arabia's benchmark index rose by 0.4%, driven by a 1.7% increase in Saudi National Bank and an 1.8% rise in ACWA Power. BAAN Holding Group also saw a 2% increase after announcing the signing of two binding agreements for real estate acquisitions.
In Qatar, the market index gained 0.9%, with Qatar National Bank rising by the same percentage. Conversely, Egypt's blue-chip index fell by 1.2%, with most components, including Commercial International Bank, in negative territory. The Egyptian central bank maintained its overnight interest rates, citing high inflation despite expectations for a significant deceleration in early 2025.
The closing figures for regional indices included a 0.3% increase in Saudi Arabia to 11,893, a 0.9% rise in Qatar to 10,512, and a 1.2% decline in Egypt to 29,666. Bahrain remained flat at 1,985, Oman rose by 1.1% to 4,516, while Kuwait eased slightly by 0.1% to 7,861.