Mideast Stocks: Saudi leads most Gulf markets higher; Dubai index dips

SectorFinancial Markets

Most Gulf stocks closed higher on Sunday following Friday's rise in global equities and a jump in oil prices, with Saudi Arabian banks boosting the index.A gauge of global equity markets scaled a new record on Friday on expectations of further stimulus from Washington and hopes of an economic revival.Oil prices, a key catalyst for the Gulf regions' financial markets, rose, with Brent climbing to nearly $60 a barrel, helped by supply curbs by producer group OPEC and its allies.Saudi Arabia's benchmark index advanced 0.8%, buoyed by a 1.4% gain in Al Rajhi Bank and a 5.6% surge in Bank Albilad after it reported an increase in full year profit. Among other gainers, oil behemoth Saudi Aramco ended 0.4% up.Dubai's main share index slipped 0.2%, hit by a 3.2% fall in Dubai Investments.Last week, the diversified investment group reported a net profit of 347.9 million dirhams ($94.72 million) for 2020, down from 657.4 million dirhams a year earlier. The Abu...read more...