Mideast Stocks: Saudi, Qatar bourses gain as oil holds steady

The kingdom's benchmark index gained 0.5%


Saudi Arabia and Qatar's stock markets rose in early trade on Thursday as oil prices held on to gains from earlier this week, with financial shares also lending support.

Brent crude futures rose by 9 cents, or 0.1%, to $71.51 a barrel by 0825 GMT. 

The kingdom's benchmark index gained 0.5%, with Al Rajhi Bank and Saudi Arabian Mining Company rising 2%.

U.S. President Joe Biden's administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. 

Biden's national security adviser Jake Sullivan criticized big drilling nations, including Saudi Arabia, for what he said were insufficient crude production levels in the aftermath of the global COVID-19 pandemic.

In Qatar, the index added 0.3%, helped by a 1.5% rise in Qatar Islamic Bank and a 1.1% increase in Islamic lender Masraf Al Rayan.

Dubai and Abu Dhabi markets were closed for a public holiday.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Ramakrishnan M.) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

More From Equities