MIDEAST STOCKS-Oil backs Saudi stocks; best trips from Abu Dhabi lenders

* All Saudi banks win

* Saudi Arabia says it foiled missile and drone attacks

* In the Egyptian blue chip index, 26 out of 30 stocks fall

By Ateeq Shariff

March 9 (Reuters) – Saudi Arabia’s stock market ended higher on Tuesday, amid rising oil prices as attention returned to a tighter market, while the Abu Dhabi index fell, hit by First Abu Dhabi Bank which went ex-dividend.

Saudi Arabia’s benchmark rose more than 1% as all of its banking stocks gained, including Al Rajhi Bank which ended up 4.8%.

Oil prices, a key catalyst for Gulf financial markets, hit $69 a barrel on Tuesday as investors focused on the outlook for tighter supply and growing hopes of a recovery in the economy. request. [O/R]

The Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, known as OPEC+, decided on Thursday to stick to production cuts globally, fueling a rally.

Crude rose to its highest level since the pandemic began on Monday after Houthi forces in Yemen fired drones and missiles at Saudi oil sites on Sunday. The kingdom said it thwarted the strike and prices fell as supply fears eased.

In Abu Dhabi, the index fell 1.8% as First Abu Dhabi Bank, the UAE’s largest lender, fell 4.8%, roughly equivalent to the dividend payment.

The Qatari index gained 0.7%, with petrochemical maker Industries Qatar up 2.8%.

However, the index’s gains were capped by losses at utility company Qatar Electricity and Water. and a Barwa real estate company while the duo went ex-dividend.

Dubai’s main stock index fell 0.1%, weighed down by a 1.1% decline in Shariah-compliant lender Dubai Islamic Bank

Outside the Gulf, Egypt’s blue chip index fell 1.1% as the majority of stocks in the index retreated.

SAUDI ARABIA rose 1.1% to 9,473 ABU DHABI

fell 1.8% to 5,583 DUBAI

down 0.1% to 2,539 QATAR

gained 0.7% to 10,118 EGYPT

lost 1.1% to 11,337 BAHRAIN

fell 0.7% to 1,467 OMAN

gained 0.8% to 3,697 KUWAIT

added 0.6% to 6,269

(Reporting by Ateeq Shariff in Bengaluru; Editing by Bernadette Baum) (([email protected]; +918061822788;)) Keywords: MIDEAST STOCKS/

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Comments are closed.