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(Reuters) - The Saudi Arabian stock market ended higher on Tuesday, amid rising oil prices as the focus returned to a tighter market, while the Abu Dhabi index retreated, hit by First Abu Dhabi Bank which went ex-dividend.
FILE PHOTO: Reflection of stock market is seen on a screen as a trader monitors at Bahrain Bourse in Manama, Bahrain, September 16, 2019. REUTERS/ Hamad I Mohammed
Saudi Arabia’s benchmark index advanced over 1%, as all its banking shares gained including Al Rajhi Bank which finished 4.8% higher.
Oil prices, a key catalyst for the Gulf’s financial markets, rose to $69 a barrel on Tuesday as investors focused on prospects for tighter supply and amid growing hopes of a recovery in demand.
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FILE PHOTO: Bahraini traders are seen at Bahrain Bourse in Manama, Bahrain, November 4, 2020. REUTERS/Hamad I Mohammed
(Reuters) - Major Middle East stock markets ended lower on Sunday, tracking a slide in global markets at the end of last week and after Saudi Arabia extended measures to fight the coronavirus crisis.
Saudi Arabia’s benchmark index fell 1.2%, after the government said COVID-19 vaccines were being delayed. The kingdom extended its travel ban for citizens and port closures to May 17 from March 31.
Shares in Al Rajhi Bank dropped 1%, while National Commercial Bank slipped 2.4% lower.
Saudi Basic Industries Corp (SABIC), the Gulf’s largest petrochemical maker, slid 1.8% despite posting a net profit of 2.22 billion riyals ($592 million) in the fourth quarter of 2020 compared with a net loss a year earlier.
Qatari companies including banks are forecast to get a boost from a deal to end a more than three-year row between Doha and some Gulf states, which was announced by Crown Prince Mohammed bin Salman on Tuesday.
UAE stocks gain, Saudi slips on first trading day of 2021 Filed on January 3, 2021
Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand
Stock markets in the UAE closed higher on Sunday, starting 2021 on a positive note on hopes that the rollout of a coronavirus vaccine will lift economic activity, while Saudi Arabian shares fell on uncertainty about the outlook for oil prices this year.
The UAE on Saturday recorded a fourth straight record number of daily coronavirus cases, with 1,963 new infections.
Dubai and Abu Dhabi have begun rolling out Covid-19 vaccines, which BofA said in a note are particularly pertinent for the UAE given its exposure to trade and tourism.