Mideast Stocks: Oil bolsters Saudi index as other Gulf markets slip

SourceZawya
SectorFinancial Markets
CountryGulf

Most Middle East stock markets ended lower on Sunday, with financials weighing on the Dubai index, while Saudi extended gains for a seventh consecutive session on rising oil prices.Oil, a key catalyst for the Gulf's financial markets, hit its highest levels in more than a year on Friday on hopes a U.S. stimulus will boost the economy and fuel demand.Brent crude settled up $1.29, or 2.1%, at $62.43 a barrel by 1832 GMT after rising to a session high of $62.83, the highest since Jan. 22, 2020.Saudi Arabia's benchmark index advanced 1%, boosted by a 4.4% surge in Al Rajhi Bank and a 4.2% rise in Saudi Arabian Mining Company.Dubai's main share index dropped 0.4%, weighed down by a 5% fall in Mashreq Bank and a 0.4% decrease in Emirates NBD Bank.Elsewhere, Dubai developer DAMAC Properties closed 1.6% lower after it reported a steep loss for 2020 as sales shrank during the coronavirus pandemic.In Abu Dhabi, the index...read more...