Mideast Stocks: Saudi stocks gain ahead of OPEC meet, other major Gulf markets mixed | ZAWYA MENA Edition:
The Saudi Arabian stock market gained in early trade on Thursday as oil prices strengthened ahead of an OPEC meeting to discuss supply cuts, while other major Gulf markets were mixed.
Oil prices rose more than 1% ahead of the meeting in which Saudi Arabia is expected to push OPEC and its allies including Russia to agree to further output cuts to support the market.
Prices of brent crude have tumbled by a fifth this year in the wake of the coronavirus epidemic that has impacted global travel, production and supply chains.
Saudi Arabia's benchmark index rose 0.6%, with heavyweights Al Rajhi Bank and Saudi Telecom adding 0.5% and 1.1%, respectively.
State-owned Saudi Aramco climbed 0.3% to 33.15 riyals ($8.83).
No comments:
Post a Comment