MIDEAST STOCKS-Major Gulf stocks up, #Saudi's NCB jumps on strong FY earnings | Nasdaq

MIDEAST STOCKS-Major Gulf stocks up, Saudi's NCB jumps on strong FY earnings | Nasdaq:

Major stock markets in the Middle East rose on Wednesday, largely on the back of gains in financial shares and a recovery in oil prices, while Saudi was cheered by a host of corporate announcements.

Oil prices climbed for a second day, recouping some losses after a five-day rout, on talk that OPEC could extend output cuts if China's outbreak of coronavirus hurts demand.

Saudi Arabia's benchmark index .TASI was up 0.5%, driven by a 3.1% increase in National Commercial Bank (NCB) 1180.SE.

The country's largest lender reported a higher net profit of 11.4 billion riyals ($3.04 billion) in 2019, compared to 9.59 billion riyals year before.

Saudi Telecom 7010.SE advanced 0.9% following its preliminary agreement to buy Vodafone's VOD.L 55% stake in Vodafone Egypt VODE.CA for $2.4 billion.