Mideast Stocks: Major Gulf stocks gain ahead of OPEC+ meet | ZAWYA MENA Edition

Mideast Stocks: Major Gulf stocks gain ahead of OPEC+ meet | ZAWYA MENA Edition:

Major bourses in the Gulf traded higher on Thursday as investors shifted focus to an OPEC+ meeting later in the day on expectations the world's largest oil producers will agree to cut production.

Saudi Arabia's benchmark index added 0.7%, with Samba Financial Group 1090.SE up 3.4% and Al Rajhi Bank up 0.5%. Brent crude futures rose 2.9%, or 95 cents, to $33.79 a barrel by 0746 GMT. 


Major oil producers including Saudi Arabia and Russia are likely to agree to cut production, but only if the United States joins the effort aimed at coping with the effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday.

In Dubai, the index gained 1.9%, with Emaar Properties rising 2.6% and Emirates NBD Bank up 2.2%.

The Abu Dhabi index jumped 4.1%, boosted by a 7.5% surge in the UAE's largest lender First Abu Dhabi Bank.

The Qatari index rose 0.3%, helped by a 1.2% increase in Qatar Islamic Bank.