MIDEAST STOCKS Chemical and banking stocks boost Saudi index amid rising oil prices – Reuters
- Date: 26-Sep-2021
- Source: Reuters
- Sector:Financial Markets
- Country:Saudi Arabia
MIDEAST STOCKS Chemical and banking stocks boost Saudi index amid rising oil prices – Reuters
Sept 26 (Reuters) - Most major Gulf markets rose in early trade on Sunday, with Saudi shares leading gains as material and financial stocks offered a boost against a background of rising oil prices.
Oil prices rose for a third week in a row to a near three-year high on Friday as global output disruptions force energy companies to pull large amounts of crude out of inventories. read more
Brent (.LCOc1) futures settled at $78.09 a barrel on Friday.
Saudi Arabia's benchmark index (.TASI) was trading 0.7% higher after four consecutive days of declines.
Market Heavyweight Al Rajhi Bank (1120.SE) was up 0.7% while chemical makers Sahara International Petrochemical (2310.SE) and Saudi Basic Industries (2010.SE) advanced 3.6% and 0.8% respectively.
The Dubai index (.DFMGI) was up 0.3% with financial stocks giving the most support as Dubai Islamic Bank (DISB.DU) gained 0.6%.
Amanat Holdings (AMANT.DU) jumped as much as 4.6% before steadying around 2.8% higher. The integrated healthcare and education investment company said it's Saudi fund sold a minority stake in International Medical Centre, resulting in a net gain of about 40 million dirhams.
Abu Dhabi's index (.ADI) edged