#Saudi, #Dubai lead broader regional gains on higher oil | Reuters

Saudi, Dubai lead broader regional gains on higher oil | Reuters

Saudi and Dubai shares closed higher on Tuesday as most regional markets gained in line with global stocks, as hopes of fresh U.S. stimulus teed up a strong end to the year for riskier assets.

Oil rose as the United States moved towards expanding pandemic aid payments, potentially spurring fuel demand and stimulating economic growth. [O/R]

Prospects of the relief package, however, kept the dollar near a 2-1/2-year low as investors were encouraged to take on more risk.

The Saudi benchmark bounced back from the previous session’s losses to finish 0.4% higher, with Saudi Telecom rising nearly a percent.

Saudi Basic Industries Corp firmed 0.6%, while Saudi Electricity Co added 2.5%.

The Dubai index finished 0.4% higher for its first positive session of the week.

Dubai’s biggest bank Emirates NBD was the top gainer on the benchmark, putting on 1.9%, while the emirate’s largest listed developer Emaar Properties gained 1.1%.

The Abu Dhabi index, however, edged down 0.1% after rising 0.2% in the previous session.

Lenders First Abu Dhabi Bank and Bank of Sharjah featured among the top gainers, appreciating 0.5% and about 3%, respectively.

The Abu Dhabi index was weighed down by a 1.8% decline in United Arab Emirates’ third-biggest lender Abu Dhabi Commercial Bank, while telecom major Etisalat fell about 0.5%.

The benchmark indexes of Oman and Bahrain strengthened 0.5% each.

Sharia-compliant financial firm Bank Muscat was the top gainer on the Omani index, gaining over 1%, while Bahrain’s benchmark was buoyed by a 1.2% gain in Ahli United Bank.

In Qatar, the benchmark closed 0.6% down, dragged down by industrial firm Industries Qatar, which slipped nearly a percent.

Financial stocks Qatar Islamic Bank and Qatar National Bank also declined, falling 0.6% each.