|20 February, 2020

Mideast Stocks: Most major Gulf markets rise, Qatar outperforms

Saudi Arabia's benchmark index gained 0.3%, supported by gains at financial stocks

Qatar led gains among most of the Gulf indexes that were trading higher on Thursday, as oil prices rose due to worries of supply disruptions.

Concerns over global supply were rekindled after the United States imposed sanctions on a subsidiary of Russian state oil major Rosneft, which could cut more Venezuelan crude from the market.

Brent crude futures were up 14 cents, or 0.2%, to $59.26 a barrel by 0505 GMT, after climbing to as high as $59.71 earlier in the day.

The Qatari index advanced 1.1%, with Mesaieed Petrochemical Holding jumping 4.5% ahead of its results and Qatar National Bank, Gulf's largest lender, rising 0.7%.

Gulf International Services rose 2.9% after the drilling and rigging service provider posted a net profit of 44 million riyals ($12.09 million) in 2019 compared to a loss of 98 million riyals a year earlier.

Saudi Arabia's benchmark index gained 0.3%, supported by gains at financial stocks. Al Rajhi Bank added 0.8% and Saudi British Bank rose 1.4%.

Elsewhere, Saudi Basic Industries, the world's fourth-biggest petrochemicals maker, gained 1.5%.

In Dubai, the index edged up 0.1%, helped by gains in real estate companies. Deyaar Development rose 2.4%, while DAMAC Properties was up 2.2%.

In Abu Dhabi, the index slipped 0.3% as telecommunications firm Etisalat declined 0.6% and Abu Dhabi Commercial Bank fell 1.2%.

($1 = 3.6400 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Amy Caren Daniel) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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