Sunday, December 5

Saudi Stocks Lead Mideast Gains as Oil Surpasses $85: Inside EM

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By Farah Elbahrawy

(Bloomberg) —

Stocks in the Middle East picked up on Friday’s rally across global markets as oil’s gains through $85 a barrel emboldened investors.

“GCC markets are taking cues from the positive performance in global equity markets on Friday,” said Junaid Ansari, head of investment strategy and research at Kamco Invest. “Moreover, oil is now trading at close to eight-year high levels. This should provide a boost on the economic front for almost all the GCC economies.”

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READ: Oil’s Leap Through $85 Shows Spillover Effect From Energy Crisis

Saudi Arabia’s Tadawul All Share Index climbs as much as 0.7% Adding to the index most by points: Al Rajhi Bank +0.6%; Jabal Omar +2.2%; Saudi Kayan +2.7% Aldrees Petroleum rises as much as 1.7% after reporting a 28 % increase in third-quarter profitBinDawood and Arabian Centres jump more than 3% after saying they see positive impact from the government’s easing of Covid-19 measuresAbu Dhabi’s ADX General Index climbs 0.3% at 11:24 am local timeSharjah Islamic Bank jumps to the highest level in seven years after reporting a 65% increase in third-quarter profitDubai Financial Market General Index is up 0.5%Emaar Properties leads by points, climbing 1%Kuwait’s Premier Market Index up 0.3%Kuwait Finance House +0.5%; National Bank of Kuwait +0.2%; Ahli United Bank +0.4%Qatar’s QE Index rises for a sixth dayOman’s MSM 30 Index jumps 0.6% after Moody’s changed its outlook on the country to stable from negative

Key News:

Tunisia is in “very advanced discussions” with Saudi Arabia and the United Arab Emirates for help in financing its budgetEnergy traders weighing the probability of a revived nuclear accord between Iran and world powers might do better to train their gaze on Beijing rather than negotiations in ViennaEgypt’s president said a revamp of the nation’s bloated and costly subsidy system was necessary, amid a broader push by the government to ensure that such aid reaches the neediest segment of the population

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