Financials boost #Saudi; oil slips ahead of OPEC meet | Reuters

Financials boost Saudi; oil slips ahead of OPEC meet | Reuters

Financials helped put Saudi stocks on course for their biggest daily percentage gain in over three weeks on Tuesday as other Gulf markets traded mixed, with oil prices falling ahead of an OPEC meeting.

With worries over slowing demand in China dampening sentiment, markets traded on expectations that OPEC will agree to raise oil supply at Thursday’s meeting, and Saudi index heavyweight Saudi Aramco fell marginally.

Saudi Arabia’s benchmark index rose 1.1%, with materials stocks also helping to underpin gains.

Qatar’s benchmark index fell 0.5%, dragged down by industrial stocks, while sentiment in Qatari banks remained upbeat a day after Moody’s said that their profits will remain resilient in 2021.

The Gulf’s largest lender, Qatar National Bank, rose 0.7% while Qatar Islamic Bank climbed 1.1%.

Dubai’s main share index traded flat.

Damac Properties rose 2.5% a day after its board said it will consider increasing strategic stake in Damac International.

In Abu Dhabi, the index gained 0.8%, boosted by a gain in financial stocks.