Mideast Stocks: Most Gulf indexes rebound on global rally, higher oil prices

Saudi's benchmark index was up 1.4%


Most bourses in the Gulf rebounded in early trade on Thursday, tracking a rally in global equity markets and a jump in oil prices.

Oil prices extended gains for a fourth straight session to reach the highest levels in more than 13 months, underpinned by assurance of continued supportive measures by the U.S. Federal Reserve and a sharp drop in U.S. crude output. 

Saudi's benchmark index was up 1.4%, aided by a 2.7% rise in Al Rajhi Bank1120.SE and a 3.3% jump in Saudi Arabian Mining Company.

Elsewhere, Arab National Bank added 0.4% despite posting a sharp fall in 2020 profit, which it blamed on increase provision for credit losses and increase in operating expenses. 

Separately, a declassified version of a U.S. intelligence report expected to be released later in the day, found that Saudi Crown Prince Mohammed bin Salman approved the 2018 killing of journalist Jamal Khashoggi, Reuters reported, citing four U.S. officials familiar with the matter. 

On Wednesday, U.S. President Joe Biden told reporters that he had read the report and expected to speak soon by phone with Saudi Arabian King Salman, father of the crown prince.

In Dubai, the index advanced 1.1%, boosted by a 2.3% jump in its largest lender Emirates NBD and a 0.8% increase in Dubai Islamic Bank.

Financials stocks also lifted the Abu Dhabi index, which was up 0.6% in early trade, with the country's largest lender First Abu Dhabi Bank rising 0.9%.

The United Arab Emirates is opening field hospitals to increase the health sector's capacity, state news agency WAM reported late on Tuesday. 

The UAE has the second-highest COVID-19 vaccination rate in the world.

In Qatar, the index gained 1%, on track to end a six-day loosing streak.

Qatar National Bank (QNB), the Gulf's biggest bank by assets, strengthened 1.4%

($1 = 3.7504 riyals)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Rashmi Aich) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

More From Equities