Mideast Stocks: Most major Gulf indexes gain ahead of OPEC+ meet | ZAWYA MENA Edition:
Most major stock markets in the Gulf closed on a positive note on Thursday, reversing losses earlier in the session, ahead of a meeting between OPEC producers and their allies to discuss future output strategy.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are expected to hold an online meeting later on Thursday to discuss the future of a record 9.7 million barrels per day (bpd) output cut.
The benchmark index in Saudi Arabia rose 0.6%, with oil giant Saudi Aramco gaining 1.4% and petrochemical firm Saudi Basic Industries (SABIC) advancing 2.5%.
On Wednesday, Aramco completed its purchase of a 70% stake in SABIC for $69.1 billion and extended the payment period by three years to 2028.
Meanwhile, the kingdom's crude oil exports in April rose to 10.237 million barrels per day (bpd) from 7.391 million bpd in March, official data showed on Thursday.
The Qatari index gained 1%, led by a 2.1% increase in Qatar Islamic Bank and a 2.3% rise in petrochemical firm Industries Qatar.
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