MIDEAST STOCKS-Major Gulf markets gain on oil recovery, strong earnings - Agricultural Commodities - Reuters:
Major bourses in the Gulf gained on Thursday after crude prices recovered from historic lows and a few high-profile companies in the region posted better-than-expected first-quarter earnings.
Oil surged amid signs that producers are cutting production to weather a collapse in demand as the coronavirus outbreak ravages world economies, while the U.S. state of Oklahoma also moved to help oil firms pump less.
Brent crude was up $1.18, or 6.04%, at $21.60 a barrel by 0749 GMT, a day after it touched $15.98 a barrel, its lowest since June 1999.
Saudi Arabia’s benchmark index traded 1.5% higher, with Al Rajhi Bank rising 1.2% and petrochemical firm Saudi Basic Industries was up 2.3%.
Umm Al Qura Cement advanced 4.4% after reporting a nearly 80% surge in first-quarter profit.
Dubai’s main share index advanced 1.6%. Blue-chip developer Emaar Properties added 2.1%, while its unit Emaar Malls soared 7.1%.
However, the index’s gains were capped by losses at Emirates Integrated Telecommunication, which was down 2.9% on trading ex-dividend.
The Abu Dhabi index was also up 1.6%, led by a 2.2% rise in the United Arab Emirates largest lender First Abu Dhabi Bank.
Dana Gas gained 2.6% after the energy firm’s shareholders approved cash dividend of 5.5 Fils per share for 2019. The shareholders also gave their nod to a feasibility study to separate the company’s upstream and midstream businesses in a emerged.
The Qatari index rose 0.7%, with Qatar National Bank adding 1.4%, whereas Qatar Gas Transport Company leapt 4.6%.
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