Dubai: Most stock markets in the Middle East increased on Sunday, after another positive week for crude prices. Shares in Saudi Arabia, Bahrain, Oman, Kuwait, Qatar and Israel rose to 0.8%, while those in Dubai and Abu Dhabi slipped less than 0.1%. Oil, the most important export for Gulf countries, reached its third weekly rise with increasing demand, with the International Energy Agency warning that the market will need extra supply next year. Brent crude futures rose 1.1% for the week ending June 11 to $ 72.69 a barrel, the highest since April 2019.
As Saudi equities continue to rise, a technical measure shows that the Tadawul All Share Index has been trading in a overbought territory for the past two weeks. The benchmark is 25% higher for the year, compared to a 7% improvement for the MSCI Emerging Markets Index. Israel’s TA-35 rose 0.8%, on its third day of increases, as lawmakers go to vote on a coalition that has clashing ideologies but is united to oust Prime Minister Benjamin Netanyahu. The index is up 14% this year.