Mideast Stocks: Saudi, UAE markets extend weekly gaining streak

Egypt's non-oil sector contracts

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Stocks in the United Arab Emirates and Saudi Arabia extended their weekly gaining streak, boosted by rising oil prices and improving business activity in the non-oil sector.

Saudi Arabia's benchmark stock index added 1.7% in its fourth consecutive weekly gains, as Brent crude has risen in four of last five weeks, according to Refinitiv data.

Sentiment was also boosted by a survey showing Saudi Arabia's non-oil private sector expanded for the ninth consecutive month in May. 

The stock index was up 0.4% on Thursday, rising for an eighth straight session, helped by a 4.3% jump in Saudi Telecom .

The Dubai index fell 0.5% but logged its fifth weekly gain in a row. Emirates NBD Bank dropped 1.4% and Damac Properties declined 3.5% for the day.

Abu Dhabi's index closed down 0.3%. Emirates Telecommunications Group and First Abu Dhabi Bank shed 0.8% and 0.4%, respectively. The stock index registered a fifth weekly rise.

The United Arab Emirates' non-oil private sector expanded for a sixth consecutive month in May, a survey showed. 

Qatar's index fell 0.5%, wiping out its gain for the week. The index was down 0.1% for the week.

Commercial Bank led the losers, shedding 1.6%. The lender offered to buy an additional 15.2% stake in National Bank of Oman for 49.4 million rials. 

Outside the Gulf, Egypt's blue-chip index was down 0.7% with Fawry For Banking Technology And Electronic Payment and Commercial International Bank dropping 3.2% and 0.1%, respectively.

The Egyptian index posted its third consecutive weekly drop, down 1.8%.

Egypt's non-oil private sector contracted for a sixth consecutive month in May, with HIS Markit's Purchasing Managers' Index (PMI)stood at 48.6 - below the 50.0 threshold that separates growth from contraction. 

(Reporting by Maqsood Alam in Bengaluru; Editing by Subhranshu Sahu) ((Maqsood.Alam@thomsonreuters.com;))


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