MIDEAST STOCKS-Major Gulf stocks gain in early trade amid rising oil prices - Agricultural Commodities - Reuters:
Major Gulf stock markets opened higher on Sunday amid rising oil prices, with Saudi Arabia getting an additional boost from corporate earnings.
U.S. crude prices jumped 7% on Friday and Brent crude settled 4.4% up at $32.50 a barrel as demand shows signs of picking with countries easing travel restrictions.
Saudi Arabia’s benchmark index was up 1.1% led by Saudi Aramco which rose 1.4% to 31.85 riyals, nearing its initial public offering price of 32 riyals. Saudi Basic Industries increased 2.6%.
National Commercial Bank gained 2.3% after reporting a 2.1% rise in first-quarter profit and Riyad Bank rose 2.4% as its net special commission and fee income increased 7.3% to 2.61 billion riyals ($695 million).
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