FILE PHOTO: An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike
Oil prices, a key catalyst for the Gulf region’s financial shares, rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge the vessel blocking the Suez Canal. Saudi Arabia’s benchmark index gained 0.2%, with petrochemical maker Saudi Basic Industries advancing 1.9%, while National Commercial Bank, the kingdom’s largest lender, was up 0.5%.
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MIDEAST STOCKS Most major Gulf markets rise; Qatar dipsMost major stock markets in the Gulf rose in early trade on Sunday, with property shares boosting the Dubai index, although Qatar bucked the trend to trade lower.
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