MIDEAST STOCKS-Oil buoys Gulf markets; Dubai, Saudi hit 2015 highs | Reuters

MIDEAST STOCKS-Oil buoys Gulf markets; Dubai, Saudi hit 2015 highs | Reuters:



"Most major Gulf stock markets, led by Dubai, rose on Sunday after the Brent oil price hit a 4-1/2-month high, while the bourse of energy importer Egypt closed in the red.



Brent crude climbed to $65.80 a barrel on Friday because of continued fighting in Yemen and, although U.S. crude fell on concerns about another upcoming stock build, both benchmarks posted weekly gains.



The main Saudi equities index gained 1.2 percent on Sunday to a 5-1/2-month closing high of 9,725 points as petrochemicals giant Saudi Basic Industries (SABIC), which would benefit from stronger oil, was the main support, jumping 3.5 percent."



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UPDATE 2-MIDEAST STOCKS-Strong oil supports Saudi Arabia; Egypt slips | Reuters

UPDATE 2-MIDEAST STOCKS-Strong oil supports Saudi Arabia; Egypt slips | Reuters:



"Saudi Arabia's stock market rose in early trade on Sunday, supported by stronger oil prices, while Egypt's bourse edged down.



Brent crude hit a 4-1/2-month high of $65.80 on Friday because of continued fighting in Yemen and, although U.S. crude fell on concerns about another upcoming stock build, both benchmarks posted weekly gains.



The main Saudi equities index added 0.6 percent on Sunday morning and petrochemicals giant Saudi Basic Industries (SABIC), which is poised to benefit from stronger oil, was the main support, rising 1.9 percent."



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Dubai Stocks Lead Mideast Gains After U.S. Record, Oil Advance - Bloomberg Business

Dubai Stocks Lead Mideast Gains After U.S. Record, Oil Advance - Bloomberg Business:



"Dubai stocks climbed, tracking a record close in U.S equities, after the price of Brent crude rose to the highest since December. Abu Dhabi shares also increased.



Dubai’s DFM General Index added 2.1 percent to close at 4,172.14, the highest since Dec. 1. Gulf Navigation Holding, a shipping company specializing in oil and chemicals, was Dubai’s biggest percentage gainer, advancing the most in more than four months. Abu Dhabi’s ADX General Index increased 0.8 percent, the most since April 2.



The Nasdaq Composite Index jumped to a record on Friday after Google Inc. and Amazon.com Inc. rallied on results. The gauge has almost quadrupled since global equity markets bottomed in March 2009. Brent crude gained last week on concern the crisis in Yemen, which lies on one side of the Bab el-Mandeb strait, the fourth-busiest global oil trading chokepoint according to the Energy Information Administration, may disrupt supply."



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