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Mideast stocks were mixed trend at the opening session on Thursday, last trading day of the week, while Saudi Arabia and Qatar stock markets climbed by strong earnings.
Saudi Arabia’s index rose 1.4 per cent, set for a sixth straight day of gains. Al Rajhi Bank rose 3.3 per cent, while Samba Financial Group climbed 3.2 per cent.
Saudi Basic Industries Corporation rose 0.9 per cent as petrochemical stocks gained support from higher oil prices because of a decline in US crude inventories and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies, reports Reuters.
Brent crude oil futures rallied as high as $74.02 a barrel, the strongest since Nov. 27, 2014, while US West Texas Intermediate (WTI) crude futures scaled to $68.95, its best level since Dec. 2, 2014.
Qatar’s stock index climbed 0.9 per cent as financial stocks bolstered the performance.
Qatar National Bank, the largest bank, was the biggest market driver, climbing by 4.1 per cent. Doha Bank, which is to announce its first-quarter earnings on Sunday, gained 2.2 per cent.
Qatar bank earnings so far for the first quarter have been relatively strong.
Dubai’s index slipped 0.5 per cent. Dubai Islamic Bank fell 0.5 per cent. On Wednesday, the bank posted a 16 per cent increase in first-quarter net profit, broadly in line with a forecast of SICO Bahrain.
In Abu Dhabi, Dana Gas slipped 1.0 per cent. The company approved on Wednesday the payment of a cash dividend for 2017, its first in several years.
The Abu Dhabi index was up 0.4 per cent.