Thursday 25 January 2018

MIDEAST STOCKS-Oil buoys Gulf markets, Qatar and Saudi lead

MIDEAST STOCKS-Oil buoys Gulf markets, Qatar and Saudi lead:

"Stock markets in the Gulf gained on Thursday, supported by the rise in Brent oil to a three-year high above $70 a barrel, as Qatar continued a strong rally and the top Saudi Arabian petrochemical producer climbed after acquisition news.

Qatar’s main index rose 1.1 percent, gaining for a fourth straight day. Corporate earnings have suggested that damage to the economy from an embargo imposed by other Arab states has been less serious than feared, and the index is now within 5 percent of its pre-embargo level last June.

Mesaieed Petrochemical surged 5.5 percent and drilling rig provider Gulf International Services gained 3.2 percent in active trade. Both firms’ revenues could benefit from higher oil prices."



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