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Bloomberg
The main equity index in Saudi Arabia led gains in the Gulf after crude advanced for a third consecutive week as the kingdom and other main producers cut output while demand shows signs of recovery.
The Tadawul All Share Index rose 1.3% as of 11:30 am in Riyadh, with petrochemicals maker Saudi Basic Industries and oil giant Saudi Aramco boosting the index the most. Gauges in Dubai, Kuwait, Bahrain and Oman also climbed.
Brent crude rose 4.9% last week, the third consecutive weekly rise, to finish at the highest price in more than a month. The commodity is an important source of revenue for countries in the Gulf, and is finding some support as economies globally begin to reopen, while major producers cut output.
“Oil prices continue their upward move as Saudi and US firms cut further production in support of Opec+ deal,†said Marie Salem, head of institutions at Daman Securities in Dubai,†she said.
In Riyadh, National Commercial Bank climbs as much as 3.5% after posting an increase in profit of 2% for the first quarter.
While Kuwait’s main gauge rises 1.3%, heads for the first increase in seven sessions, National Bank of Kuwait and Boubyan Bank add most to the increase.
Riyad Bank first quarter profit reached 1.48 billion riyals and Leejam Sports first quarter profit also reaches 6.25 million riyals. Meanwhile, Alinma Bank first-quarter profit drops 42% on higher impairments Saudi Cement also reports profit of 147.6 million riyals in the first quarter of this year.
, Bupa Arabia total comprehensive income reached 45.9 million riyals. Southern Cement’s first quarter profit also hit 183 million riyals.