Mideast Stocks: Most of Gulf gains; Dubai bucks the trend | ZAWYA MENA Edition:
Most Gulf stock markets rose on Tuesday, supported by banking shares, following a rebound in oil prices on hopes for new output curbs from OPEC and its allies.
The Organization of the Petroleum Exporting Countries and its allies are considering cutting crude output by 500,000 barrels per day, as demand shrinks because of the coronavirus outbreak in China, people familiar with the matter told Reuters on Monday.
Brent crude stood at $54.88 a barrel by 1135 GMT, up 43 cents, or nearly 0.8%.
Saudi Arabia's benchmark index rose 0.3%. Al Rajhi Bank added 0.8% and Banque Saudi Fransi1050.SE 2.8%. Bank Aljazira1020.SE closed up 1.9% after it posted a rise in annual profit that it attributed to lower zakat charges.
State-owned Saudi Aramco fell 0.3% to 33.85 riyals ($9.02).
No comments:
Post a Comment