Mideast Stocks: Gulf stocks gain in morning trade as oil prices rise

Saudi Arabia's benchmark index rose 0.5% for its sixth consecutive day of gains

  

Major Gulf stock markets rose in morning trade on Tuesday, as Saudi Arabian stocks, spurred by rising oil prices, led gains.

Brent oil futures topped $70 to reach their highest since March, as expectations grew for increased fuel demand during the summer driving season in the United States, the world's top oil consumer. 

Saudi Arabia's benchmark index rose 0.5% for its sixth consecutive day of gains, supported by financial and material shares. Al Rajhi Bank was up 0.8%, while Saudi Arabian Mining increased 2.9%

Saudi National Bank (SNB) added 0.8% after saying it had received capital market authority approval for the merger of its unit NCB Capital with Samba Capital. SNB completed a merger with Samba Financial Group earlier this year.

The index in Abu Dhabi traded 0.2% higher. The largest operator of petrol stations and convenience stores in the United Arab Emirates, ADNOC Distribution jumped 5.8% and Emirates Telecommunications Group gained 0.5%.

The Dubai index was also up 0.2% as the sharia compliant lender Dubai Islamic Bank and Air Arabia advanced 0.6% and 1.5%, respectively.

Gains were partially capped by Dubai Investments, which dropped 1.8%.

The Qatari index edged up 0.1% as Industries Qatar gained 0.5% and Masraf Al Rayan lost 0.5%.

(Reporting by Maqsood Alam in Bengaluru; editing by Barbara Lewis) ((Maqsood.Alam@thomsonreuters.com;))


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