(Reuters) - Most Gulf stock markets rose in early trade on Sunday, tracking a rally in global equity markets and a jump in oil prices on Friday, while the Dubai index bucked the trend to trade lower.
On Friday, global equities rallied on investor expectations of further stimulus from Washington and economic revival hopes that also lifted crude oil prices to nearly $60 a barrel.
Brent crude ended Friday’s session up 50 cents, or 0.9%, at $59.34 after hitting its highest since Feb. 20 at $59.79. [O/R]
Saudi Arabia’s benchmark index advanced 1%, with Al Rajhi Bank and oil giant Saudi Aramco both gaining 0.7%.
Dubai’s main share index eased 0.4%, on track to extend losses for a third consecutive session, with blue-chip developer Emaar Properties falling 1%, while Dubai Investments slid 3.2%.
On Wednesday, the diversified Gulf-based investment group reported a net profit of 347.9 million dirhams ($94.7 million) for 2020, down from 657.4 million dirhams a year earlier.
In Abu Dhabi, the index edged up 0.2%, supported by a 0.6% gain in telecoms giant Emirates telecommunications.
The Qatari index gained 0.7%, buoyed by a 1.9% rise in petrochemical maker Industries Qatar and a 0.8% increase in Qatar National Bank, the Gulf’s largest lender.
($1 = 3.6728 UAE dirham)
Reporting by Ateeq Shariff in Bengaluru; Editing by Hugh Lawson
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February 07, 2021 at 03:38PM
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Most Gulf stocks gain on global rally, higher oil prices - Reuters
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