Oil prices and corporate results bolster Saudi stocks

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The Saudi Stock Exchange achieved great gains today, thanks to the rise in oil prices and positive results for companies. The Dubai Stock Exchange also rose thanks to news about possible financial support from Abu Dhabi.</p><div data-qa-component="item-story" data-rc-highlight="story" dir="rtl">
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    US crude prices jumped 7 percent on Friday, and Brent crude closed 4.4 percent higher at $ 32.50 a barrel, as signs of improved demand for oil as countries eased travel restrictions to stem the Corona virus.


    The main index of the Saudi market closed up 1.6 percent, led by Al-Rajhi Bank, which rose 2 percent, and Aramco, which rose 1.8 percent.


    Aramco closed at 31.95 riyals, approaching the initial public offering price of 32 riyals.


    National Commercial Bank shares rose 2.3 percent after announcing a 2.1 percent increase in first-quarter profit, and Riyad Bank rose 2.4 percent after increasing special commission income and fees 7.3 percent.


    The Dubai index rose 0.9 percent, thanks to the rise of the Dubai Financial Market, 14.9 percent, its biggest daily gain since October 13, 2008, while Dubai Investment rose 3.6 percent.


    Reuters quoted sources as saying that the governments of Abu Dhabi and Dubai are discussing ways to support Dubai's economy by linking assets in the two emirates, and that the Abu Dhabi Mubadala Fund is likely to play a major role in any agreement.


    But Dubai has denied talking to Abu Dhabi about getting support from the fund.


    Abu Dhabi’s index fell 0.1 percent, with Etisalat falling 0.3 percent, while Abu Dhabi Islamic Bank rose 0.9 percent.


    The following are the closing levels of Arab stock market indices today:


    Saudi Arabia .. the index rose 1.6 percent to 6825 points.


    Abu Dhabi .. The index fell 0.1 percent to 4,065 points.


    Dubai .. The index rose 0.9 percent to 1911 points.


    Bahrain .. The index rose 0.4 percent to 1246 points.


    Sultanate of Oman .. The index rose 0.5 percent to 3438 points.


    Kuwait .. the index advanced 2.4 percent to 5147 points.

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