Saudi stocks lead Mideast gains as oil surpasses $85

Bloomberg

Stocks in the Middle East picked up on the 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,” 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.”
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 profit.
BinDawood and Arabian Centres jump more than 3% after saying they see positive impact from the government’s easing of Covid-19 measures.