Mideast Stocks: Dubai outperforms on property shares as banks aid Saudi | ZAWYA MENA Edition:
Dubai's stock market rose on Monday as property shares advanced, while Saudi Arabia extended gains from the previous session following an extension of output cuts by OPEC+ nations.
The Organization of Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) in May and June. They agreed on Saturday to sustain those cuts through July.
Meanwhile, Saudi energy minister Prince Abdulaziz bin Salman told a news conference on Monday that the kingdom and Gulf allies Kuwait and United Arab Emirates would not cut by an extra 1.18 million bpd in July as they are doing this month.
Saudi Arabia's benchmark index ended 0.5% up, with Banque Saudi Fransi rising 6.3% and Al Rajhi Bank 0.3% higher.
No comments:
Post a Comment