Oil prices, a major catalyst for Gulf financial markets, jumped more than two percent on the back of the launch. China Monetary stimulus measures and concerns that tensions in the Middle East could hurt supplies from the region.
Meanwhile, a new hurricane threatens supplies in the United States, the world’s largest crude producer.
Pan Gongsheng, governor of the province, announced that Central Bank of China On plans to lower borrowing costs, pump more funding into the economy and ease the burden of home mortgage payments.
Pan also said China will introduce monetary policy structuring tools for the first time to help stabilize capital markets.
Stock movements
The Saudi index gained 1.1 percent, driven by a 0.5 percent rise in aluminum products manufacturer Al-Taiseer Group and a 6.6 percent increase in ACWA Power.
The stock went up Saudi Aramco Oil giant 0.3 percent.
Two sources familiar with the matter, as well as the terms statement seen by Reuters today, said that the company Aramco Saudi Arabia plans to raise up to $3 billion from a five- and 10-year dollar-denominated international sukuk offering.
Dubai’s index rose 0.6 percent, helped by a 3.3 percent increase in the shares of Salik, a road toll company.
In Abu Dhabi, the index rose 0.1 percent.
The Qatari index rose 0.5 percent, driven by a 1.7 percent rise in Qatar Islamic Bank shares.
Outside the Gulf, Egypt’s blue-chip index fell 0.5 percent, with Commercial International Bank down 0.6 percent.
