Saudi shares led gains across the Arabian Gulf on Sunday, buoyed by strong gains in the price of oil at the end of last week.
Brent crude rose by nearly 2 per cent on Friday to US$56.70 per barrel, after the International Energy Agency said that Opec had 90 per cent complied with agreed production cuts laid out in November.
Saudi Arabia’s Tadawul was the main beneficiary across the region on Sunday, with strong gains by banks pushing the index up 0.75 per cent to 7,021.57 at the close.
Al Rajhi and Samba led the way with gains of 0.7 per cent and 2.6 per cent respectively, with Banque Saudi Fransi and Saudi British Bank also finishing higher.
The Dubai Financial Market General Index closed up 0.5 per cent at 3,702.16, led by Emaar Properties.
The developer’s shares closed up 1.3 per cent at Dh7.64, their highest level in four weeks.
Shares in Dubai Financial Market continued to register strong gains following the release last week of positive quarterly results. The stock market operator’s shares surged 8.6 per cent to a 10-month high of Dh1.51, taking gains for the month so far to 17 per cent.
Shares in Abu Dhabi ended a subdued day of trading largely unchanged, closing up 0.02 per cent at 4,570.47, even as more stocks finished in the red than in the black.
Heavyweight names FGB and Etisalat rose by 0.8 per cent and 0.3 per cent respectively, cancelling out losses by NBAD and ADCB.
In Doha, the Qatar Exchange closed up 0.3 per cent, thanks to gains by QNB and Ooredoo.
jeverington@thenational.ae
Follow The National's Business section on Twitter
