Mideast Stocks: Saudi leads gains as oil buoys markets

Oil major Saudi Aramco advanced 1.9%


The Saudi Arabian stock market rose in early Sunday trade after Friday's jump in oil prices.

Oil prices gained about 3% in the previous session, hitting their highest in more than a year after a stronger than expected U.S. jobs report and a decision by oil producer group OPEC and its allies not to increase supply in April.

Saudi's benchmark index was up 1.3%, aided by a 1% rise for Al Rajhi Bank and a 2.3% gain for Saudi Basic Industries (Sabic).

Oil major Saudi Aramco advanced 1.9% after Bank of America said Aramco would be well placed to implement higher dividend guidance beyond its $75 billion minimum thanks to higher oil output scenarios.

Elsewhere, Fitaihi Holding Group surged 10% after it swung to profit in 2020. 

The Abu Dhabi index rose 0.4% after two sessions of losses, with the index firming largely thanks to financial stocks including a 0.4% gain for largest lender First Abu Dhabi Bank.

However, the Dubai index slipped 0.3%, dragged down by a 1.3% fall for largest lender Emirates NBD and a 1.5% drop for developer Damac Properties.

The Qatari index was closed for an official holiday. ($1 = 3.7504 riyals)

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

More From Equities