Saudi Arabia's stock market rose sharply on Thursday, outperforming the region on rising oil prices and easing coronavirus-related restrictions. Benchmark Brent crude was up 11.49%, or $2.59 at $25.13 a barrel at 1157 GMT, buoyed by signs that the US crude glut is easing and fuel demand battered by COVID-19 restrictions is starting to pick up.
Saudi Arabia's benchmark index advanced 1.8%, with oil giant Saudi Aramco gaining 2.3%, whereas petrochemical firm Saudi Basic Industries climbed 4.3%.
Amongst others, food producer Halwani Brothers surged 10% to become the top gainer on the index after it reported a sharp rise in first-quarter profit.
on Wednesday, Saudis began tentatively returning to shopping malls and open-air markets after authorities relaxed restrictions imposed to curb the spread of the novel coronavirus.
The Abu Dhabi index reversed earlier losses to close 0.2% up, helped by a 1.6% rise in top lender First Abu Dhabi Bank. However, the gains in Abu Dhabi's index were capped by losses at telecoms firm Etisalat and energy firm Dana Gas, which were down 1.2% and 4.9%, respectively. The duo traded ex-dividend.
In Dubai, the index rose 1.1%, driven by a 4.9% jump in Emirates NBD Bank and a 2.2% gain in Dubai Islamic Bank (DIB).
Qatar's index ended 0.7% higher as petrochemical firm Industries Qatar leapt 5.3%, while Barwa Real Estate added 2.8% ahead of its first-quarter earnings announcement. Outside the Gulf, Egypt's blue-chip index was up 0.1%, with Commercial International Bank adding 0.7%.
Comments
Comments are closed.