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Dubai: Saudi Arabian stocks outperformed on Sunday with advances led by its banking and petrochemical shares after OPEC+ paved the way for easing of oil production curbs. Other GCC markets struggled for direction with investors awaiting the next big clue.
Saudi Arabia s benchmark index traded 0.7 per cent higher at 9,963 points with petrochemical and banking stocks leading the advances. Saudi-led OPEC+ decided in their Thursday meeting to gradually ease oil output curbs in coming months, a move that could add to the kingdom s revenues if oil prices do not slide considerably. Lenders and energy companies will be the biggest beneficiary as they rely heavily on oil money.
Dubai: Abu Dhabi stocks traded higher on the first day of the week in what was the index s sixth straight advance on a day when GCC markets displayed a mixed performance as investors traded without big clues for guidance.
Abu Dhabi Securities Exchange edged up 0.3 per cent at 5,962 points, advancing for a sixth session in a row. The index closed higher every day last week to accumulate 3.8 per cent weekly gains, in what was its best performance in months. Stocks offered mixed signals as the gainers and losers were almost equally divided, but a near 5 per cent jump in International Holding titled the balance upward. The firm traded higher for the ninth consecutive day and is trading more than 61 per cent up for the year after massive full-year gains and business expansion impressed the investors.
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