MIDEAST STOCKS-Saudi index extends gains; other Gulf markets subdued - Agricultural Commodities - Reuters:
Saudi Arabian shares rose for a second day on Monday, following the agreement between OPEC and its allies to extend output cuts by 500,000 barrels per day, while other major Gulf equities saw a sluggish start.
Saudi Arabia spearheaded a deal on Friday where the OPEC+ group of oil producers will commit to some of the deepest output cuts in a decade aiming to avert oversupply and bolster prices.
In Saudi, the benchmark index rose 0.8%, with Saudi Basic Industries and National Commercial Bank gaining 1.7% and 1.5%, respectively.
Among other stocks, Sahara International Petrochemical leapt 4.2% to become the top gainer on the index. The firm’s board proposed to purchase up to 10% of ordinary shares and hold them as treasury shares.
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