MIDEAST STOCKS-Saudi stocks gain on banks, Aramco; UAE extends losses | Nasdaq:
Saudi Arabian stocks firmed in early trade on Tuesday, supported by gains in the banking sector and as index heavyweight Saudi Aramco rose on the back of higher oil prices.
The indexes in the United Arab Emirates (UAE), however, extended their losses as coronavirus cases in the Gulf exceeded 1,000 and Bahrain reported its first death from the virus.
Saudi Arabia's index .TASI was 1.1% higher, after declining for four straight sessions. National Commercial Bank 1180.SE, the country's largest lender, jumped 3.1%, while Al Rajhi Bank 1120.SE ticked up 1.2%.
Saudi Aramco 2222.SE firmed 1.1% as oil rose more than $1 on bargain-buying after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia.
Aramco's Chief Financial Officer Khalid al-Dabbagh said on Monday the company was "very comfortable" with $30 a barrel oil prices and that it can meet its dividends commitments and shareholders expectations even in the current low oil price environment.
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