Most of the stock markets of Gulf country ended with a hype on last Wednesday. Maximum profit was gained by the banking sectors and Eyptian stocks regret for the broader selloff in the shares of blue-chip.

1.3% climbed has been experienced by the benchmark index of Saudi Arabia while Al Rajhi Bank itself gains 3% and that of National Commercial Bank gains 3.6% respectively.

The oil-rich countries of GCC (Gulf Cooperation Council) the states of whose have been adversely affected due to the Coronavirus pandemic finally obtain some fiscal relief as OPEC and its subsidiaries agree to cut off the expense of additional oil production within April, last week.

The leader of OPEC, Saudi Arabia claimed that it will cut of the expense of additional 1 million barrels output per day in 3rd consecutive month in the row. Then decision will be made whether it will be phased out gradually or not and when!

Even 1.5% was jumped by the index of Qatar extending its profit for 3rd consecutive session with the lead of 3.6% in Qatar Islamic Bank.

1.1% rise can be observed for the Qatar Electricity and Water after they announce they will construct a new plant by 2027 with the generating ability of 100 million gallons of water and 2,600 megawatts of electricity on a daily basis.

0.4% index was added to Dubai that assists in 1.3% gain of Emirates NBD Bank and 1.4% of leap in Emaar Properties.

Although the indexes’ gained but losses were capped due to 0.6% of falling off of the shares of blue-chip along with Dubain Islamic Bank, which is the lender of sharia-compliance too.

In the previous report of this month, S&P Global Ratings told there is subdue of the recovery of economy of Dubai and only the dollars of gross product will get back to the level of 2019 in 2023.

The economy of Dubai is greatly relied on sectors like retail shopping, tourism and transportation- which badly suffered from the crisis of COVID-19.

The index of Abu Dhabi ends up with 0.4% rise while Etisalat, the telecom major experience 0.8% high.

Outskirt of the Gulf region, the index of Egypt’s blue-chip dropped by 0.8% and most of the stocks fallen off especially Commercial International Bank by 1.5%.