Mideast Stocks -Saudi rebounds on move to support oil; ADIB soars on ownership ceiling | ZAWYA MENA Edition:
Saudi Arabia's stock market rebounded in early trade on Monday after three days of falls, buoyed by news that Riyadh planned to reduce oil supply in order to support crude prices. Abu Dhabi Islamic Bank soared on news it would let foreigners buy its shares.
The Saudi index rose 0.6 percent in the first 90 minutes. The energy minister said late on Sunday that Saudi Arabia would reduce oil supply to world markets by 0.5 million barrels per day in December, and this pushed Brent oil up about 2 percent on Monday.
Al-Rajhi Bank and Saudi Kayan Petrochemical provided the biggest boosts to the bourse. Al-Rajhi added 0.7 percent and Saudi Kayan increased 1.7 percent.
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