Major Gulf stocks gain as oil prices rebound

Major Gulf stock markets rose in early trade on Tuesday on the back of a rebound in oil prices and a string of positive corporate earnings’ announcements.

Oil Prices were 1pc higher after slumping the previous session, amid hopes for new production curbs by OPEC and its allies to offset any drop in future fuel demand that might be triggered by China’s coronavirus outbreak.

Sources told Reuters on Monday that the group, known as OPEC+, was considering a further cut in oil output of 500,000 barrels per day (bpd).

Saudi Arabia’s index rose 0.3pc led by a 0.7pc gain at National Commercial Bank.

Bank Aljazira advanced 2.3pc after it reported a 162pc surge in annual profit which it attributed to lower zakat charges.

Saudi Aramco edged down 0.2pc to 33.9 riyals.

Abu Dhabi’s index was up 0.6pc buoyed by a 5.6pc jump in Emirate Integrated Telecommunications. Dubai Investments rose 3.1pc after it reported a higher annual profit.

The Abu Dhabi index gained 0.5pc with First Abu Dhabi Bank and Abu Dhabi Commercial Bank adding 0.7pc and 1.9pc respectively.

Abu Dhabi National Energy Company added 14.9pc to previous session’s gain. Abu Dhabi Power Corporation is planning to take control of the energy firm in an asset swap deal that would create a combined utility with assets worth a total of about 200 billion dirhams ($54.45 billion)

Nasdaq-Dubai listed port operator DP World declined 2.8pc as it reported a 1pc growth in volume in 2019, handling 71 million twenty-foot equivalent units.

In Qatar, the index was up 0.2pc as the Gulf’s largest lender Qatar National Bank rose 1.5pc.

Qatar Insurance and Vodafone Qatar rose 1.3pc and 0.8pc respectively. On Monday both the companies reported increase in their annual profits.

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