Middle East Stock Markets: Latest News for May 17, 2020 - Bloomberg:
The main equity index in Kuwait led gains in the Gulf after crude advanced for a third consecutive week amid output cuts and signs of recovery in demand.
The Kuwaiti gauge closed 2.4% higher with lenders Kuwait Finance House and National Bank of Kuwait adding the most. Saudi Arabia’s Tadawul All Share Index rose 1.6%, with Al Rajhi Bank, petrochemicals maker Saudi Basic Industries and oil giant Saudi Aramco boosting the index the most.
Brent crude rose 4.9% last week to finish at the highest price in more than a month. The commodity is an important source of revenue for countries in the Gulf, and is finding some support as economies globally begin to reopen, while major producers cut output.
“Oil prices continue their upward move as Saudi and U.S. companies cut further production in support of OPEC+ deal,” said Marie Salem, head of institutions at Daman Securities in Dubai. In the United Arab Emirates, markets should “witness some recovery following Thursday’s losses supported by real estate names and banks,” she said.
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