Mideast Stocks: Oil prices, corporate earnings boost Saudi shares – ZAWYA

Mideast Stocks: Oil prices, corporate earnings boost Saudi shares – ZAWYA

Saudi Arabian stocks rose sharply on Sunday buoyed by jump in oil prices and positive corporate earnings, while Dubai was up on news about potential financial support from Abu Dhabi.. Saudi Aramco closed at 31.95 riyals, slightly below its initial public offering price of 32 riyals.. Dubai's index rose 0.9% as Dubai Financial Market surged 14.9% to its sharpest intraday rise since 13 October 2008, while Dubai Investment added 3.6%.. The Abu Dhabi index inched down 0.1% with telecoms firm Etisalat losing 0.3% and Abu Dhabi Islamic Bank gaining 0.9%.. Egypt, which cut growth target to 4.2% from 5.6% for the current fiscal year which ends in June, reported an uptick in annual inflation to 5.9% in April from 5.1% in March..