Saudi Arabian stocks ended higher on Wednesday, buoyed by a leap in oil prices, while bourses in the United Arab Emirates were little changed as banks faced write-downs on NMC debt.
June Brent crude futures were up 4.6%, or 95 cents, at $21.41 a barrel by 1139 GMT, as U.S. stockpiles rose less than expected and on hopes that demand will improve as some European countries and some U.S. cities moved to ease restrictions.
Saudi Arabia's benchmark index closed 1.5% higher, with Al Rajhi Bank 1120.SE rising 2.7% and Jabal Omar Development gaining 6%.
Elsewhere, oil giant Saudi Aramco ended up 0.8%.
In Dubai, the index edged up 0.3%, as blue-chip developer Emaar Properties increased 1.1%, while its unit Emaar Development jumped 4.1%.
However, Dubai Islamic Bank, which has a $425 million exposure to troubled Hospital Group NMC Heath, dropped 0.8%.
Banks in the United Arab Emirates with exposure to troubled hospital operator NMC Health risk having to make provisions for between 25% and 50% on more than $2 billion of outstanding debt to the company, Reuters reported citing three banking sources.
The Abu Dhabi index gave up early gains to end flat. First Abu Dhabi Bank, the country's largest lender, added 0.4%, whereas Abu Dhabi Commercial Bank, which has an exposure to NMC of $981 million, fell 0.5%.
In Qatar, the index rose 1.2%, most of the stocks on the index advanced including Commercial Bank, which closed 4% higher.
But Qatar Insurance slipped 1.1%, after it posted a net loss of 185 million riyals ($50.82 million) in the first-quarter, against a profit of 266 million riyals a year earlier.
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