MIDEAST STOCKS-Saudi stocks gain as oil soars; Qatar dips on weak earnings | Nasdaq
Saudi shares rose on Monday, on course to extend gains for an eighth consecutive session amid rising crude prices, while a string of disappointing corporate earnings weighed on Qatar.
Brent crude LCOc1 was up $1.02, or 1.6%, at $63.45 a barrel at 0806 GMT, as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support. O/R
Saudi Arabia's benchmark index .TASI advanced 0.9%, with Al Rajhi Bank 1120.SE rising 3.6% and National commercial Bank 1180.SE climbing 2%.
The kingdom has extended by 20 days restrictions on entertainment activities, gatherings, and dine-in restaurant services to curb the spread of coronavirus, state news agency SPA said on Sunday, citing an interior ministry statement.
Two weeks ago Saudi Arabia suspended entry to the kingdom from 20 countries, with the exception of Saudi citizens, diplomats and medical practitioners and their families.
Dubai's main share index .TASI gained 0.6%, led by a 1.9% rise in Emaar Properties EMAR.DU, despite the blue-chip developer's 2020 profit plunging.
Emaar posted a net profit of 2.62 billion dirhams ($713.35 million) in 2020, down from 6.2 billion a year earlier.
However, Emaar's founder Mohamed Alabbar was more optimistic about 2021, saying there were opportunities both traditional and technological that didn't exist five or 10 years ago.
In Abu Dhabi, the index .ADI eased 0.1%, hit by a 1.1% fall in Aldar Properties ALDAR.AD and a 0.1% dip in the country's largest lender First Abu Dhabi Bank FAB.AD.
The Qatari index .QSI lost 0.3%, dragged down by a 5.8% slide in telecom giant Ooredoo ORDS.QA after it reported a loss of 342 million riyals ($93.96 million) in the fourth-quarter, compared to a profit of 460 million riyals a year earlier. []
Elsewhere, Qatar Insurance QINS.QA fell 3% following a decline in 2020 profit.
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