Saudi stocks climb up on higher oil prices, real estate stocks weigh on Dubai index

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Saudi Arabian stocks rose in early trade on Sunday led by banks, mirroring Friday’s gains in oil prices, while Dubai was pressured by losses in property stocks.

On Friday, Brent crude settled up $1.51, or 5.1 percent, at $30.97 a barrel after US producers cut output with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns.

Saudi Arabia’s benchmark index climbed 0.8 percent, buoyed by a 0.9 percent rise in Al Rajhi Bank and a 0.8 percent increase in oil giant Saudi Aramco.

Aramco has raised the June price for its Arab light crude oil to Asia by $1.40 a barrel from May, setting it at a discount of $5.90 to the Oman/Dubai average, according to a document seen by Reuters on Thursday.

Downtown Dubai Emaar Properties
Downtown Dubai Emaar Properties

In Dubai, the benchmark index fell 2.1 percent, dragged down by a 3.3 percent slide in blue-chip developer Emaar Properties and 4 percent drop in logistic firm Aramex.

On Thursday, Aramex posted a 38 percent plunge in its first-quarternet profit.

The Abu Dhabi index edged down 0.1 percent. Telecoms firm Etisalat was up 0.7 percent, while International holding was down 2.4 percent.


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