Kuwait Stocks Lead Gains in the Gulf on Higher Oil: Inside EM
Saudi Stocks Lead Gains in The Gulf on Higher Oil: Inside EM
(Bloomberg) --
The main equity index in Kuwait led gains in the Gulf after crude advanced for a third consecutive week amid output cuts and signs of recovery in demand.
The Kuwaiti gauge closed 2.4% higher with lenders Kuwait Finance House and National Bank of Kuwait adding the most. Saudi Arabia’s Tadawul All Share Index rose 1.6%, with Al Rajhi Bank, petrochemicals maker Saudi Basic Industries and oil giant Saudi Aramco boosting the index the most.
Brent crude rose 4.9% last week to finish at the highest price in more than a month. The commodity is an important source of revenue for countries in the Gulf, and is finding some support as economies globally begin to reopen, while major producers cut output.
“Oil prices continue their upward move as Saudi and U.S. companies cut further production in support of OPEC+ deal,” said Marie Salem, head of institutions at Daman Securities in Dubai. In the United Arab Emirates, markets should “witness some recovery following Thursday’s losses supported by real estate names and banks,” she said.
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MIDDLE EASTERN MARKETS:
- In Riyadh, National Commercial Bank climbs as much as 3.5% after posting an increase in profit of 2% for the first quarter
- READ: National Commercial Bank 1Q Profit Climbs 2%; Cites Lower Tax
- In Dubai, real estate bellwether Emaar Properties rises as much as 2.1%
- More on Dubai’s market here
- Israel’s TA-35 climbs 3.5% as of 2:30 p.m. in Tel Aviv, recovering from a drop of 5.7% last week
- Nice Ltd., Teva Pharmaceutical Industries and LivePerson lead gains
- Egypt’s EGX 30 advances 0.7%, with Commercial International Bank helping the index the most
MORE EARNINGS:
- Samba First Quarter Profit Climbs 20%
- Riyad Bank First Quarter Profit 1.48 Bln Riyals, -0.6% Y/y
- Leejam Sports First Quarter Profit 6.25 Mln Riyals, -84% Y/y
- Alinma Bank First-Quarter Profit Drops 42% on Higher Impairments
- Saudi Cement First Quarter Profit 147.6 Mln Riyals, +11% Y/y
- Deyaar First Quarter Net Income 2.6 Mln Dirhams, -86% Y/y
- Bupa Arabia 1Q Total Comprehensive Income 45.9m Riyals, -54% Y/y
- Southern Cement First Quarter Profit 183 Mln Riyals, +53% Y/y
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