GCC's top stock markets climb on back of oil rally
The GCC's major markets closed higher on Sunday, led by Kuwait, Saudi Arabia and Dubai on the back of over 20 per cent rally witnessed in the oil prices last week.
The Dubai Financial Market General Index rose 0.9 per cent as DFM's shares surged 14.9 per cent, its sharpest intraday rise since October 13 2008. Amlak and Dubai Investment also added eight per cent and 3.6 per cent, respectively.
The Saudi Arabia's index closed 1.6 per cent higher, led by Al Rajhi Bank and Saudi Aramco, which rose two per cent and 1.8 per cent, respectively. Saudi Aramco closed at SR31.95, slightly below its initial public offering price of SR32.
Saudi Arabia's National Commercial Bank advanced 2.8 per cent after reporting a 2.1 per cent rise in first-quarter profit and Riyad Bank rose 2.9 per cent as its net special commission and fee income increased 7.3 per cent.
Crude prices have ticked up in the last two weeks as some countries relaxed coronavirus restrictions to allow factories and shops to reopen. WTI Crude price last week gained 20.5 per cent, rising from $24.4 per barrel to $29.4.
The International Energy Agency forecast lower global stockpiles in the second half of 2020, although worries remain that a second surge in coronavirus infections could occur in coming months.
Boursa Kuwait was the top gainer among the regional bourses, rising 2.4 per cent to 5,147 points. Bahrain and Oman indices also rose 0.4 per cent and 0.5 per cent, respectively.
The Abu Dhabi's main index slipped 0.1 per cent to 4,065 points as telecom giant etisalat and Abu Dhabi Islamic Bank lost 0.3 per cent and 0.9 per cent, respectively. Qatar also lost 0.4 per cent to 8,699 points.