Qatar’s stock market rose and Saudi stocks gained on Tuesday as recovering oil prices buoyed their banks and petrochemical stocks, while other markets were quiet.
Oil prices rebounded on reports that production at the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns continued to keep a lid on prices.
December Brent crude futures LCOc1 rose 25 cents, or 0.42 percent to $59.50 a barrel by 0657 GMT, while U.S. West Texas Intermediate crude CLc1 for November was up 25 cents, or 0.46 percent, at $54.32 a barrel.
The Qatari index added 0.6 percent with Qatar Insurance , the Gulf’s largest lender, jumping 5.7% and Mesaieed Petrochemical advanced 1.7 percent.
Saudi Arabia’s index increased 0.4 percent, driven by a 0.5 percent rise in Al Rajhi Bank and a 1.5 percent gain in Savola Group.
Saudi Aramco has restored full oil production and capacity to the levels they were before attacks on its facilities on Sept. 14, the chief executive officer of its trading arm, Ibrahim Al-Buainain, said on Monday.
In Dubai, the index traded flat as the gains in financials shares were marred by the losses in industrial stocks. Emirates NBD was up 0.4 percent, while Dubai Investments declined 1.6 percent.
Amlak Finance soared 11.4 percent, its biggest fall in two and half months. The sharia-compliant finance company said that it has been awarded 780 million dirhams ($212.37 million) in a court ruling against an arbitration being administrated since 2013.
The Abu Dhabi index was also flat, with First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, gaining 0.5 percent, while Abu Dhabi National Energy Co was down 4.3 percent.
Source: Reuters
