|14 January, 2020

Mideast Stocks: Middle Eastern stocks gain on financials, Kuwait leads

Nine of eleven Saudi Banks rise

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Gulf stock markets closed higher on Tuesday with Kuwait leading the gains, bolstered by banking shares amid rising oil prices, while Egypt was supported by top lender Commercial International Bank.

Oil prices rose snapping four straight days of declines as the United States and China prepared to sign a preliminary trade deal.

Brent crude gained 43 cents, or 0.67%, at $64.63 per barrel by 1036 GMT. U.S. West Texas Intermediate crude futures rose 32 cents or 0.4% at $58.40 a barrel. 

Saudi Arabia's index was up 0.4%. Al Rajhi Bank gained 0.8%, while petrochemical firm Saudi Basic Industries added 0.5%.

State-owned oil giant Saudi Aramco closed up 0.3% at 34.9 riyals, offsetting earlier losses during the day.

Amongst others, United Wire Factories  jumped 5.5% after it reported a surge in its annual profit. 

In Qatar, the index ended 0.7% up with Qatar Islamic bank climbing 2.9% and Industries Qatar adding 0.8%.

Qatar National Bank was up 0.2%. After the market closed, the Gulf's largest lender reported a 4% rise in its annual profit to 14.4 billion riyals ($3.96 billion) beating analysts' forecasts. H

Kuwait's index .BKP , which traded after two sessions of a break following the death of Oman's Sultan Qaboos bin Said, closed up 1.9%.

Lenders National Bank of Kuwaitand Kuwait Finance House increased 2.2% and 1.6% respectively.

In Abu Dhabi, the index rose 1.1% with First Abu Dhabi Bank  advancing 1.4% and Aldar Properties leaping 3.7%.

Dubai’s index was up 1% led by a 2.7% gain in the blue-chip developer Emaar Properties.

Outside the Gulf, Egypt's blue-chip index was up 0.4% as market heavyweight Commercial International Bank Egypt  added 0.6%, while Orascom Construction gained 0.7% after saying that it added $770 million to its backlog during the fourth quarter. 

($1 = 3.6400 Qatar riyals)

(Reporting by Maqsood Alam in Bengaluru Editing by Chizu Nomiyama) ((Maqsood.Alam@thomsonreuters.com;))

More From Markets