17 Feb 2020 00:00:00 AM Breaking News
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Saudi gains as oil rises on supply cut push

Brent futures rose 19 cents, or 0.3%, to $61.11 a barrel

Riyadh: Saudi Arabia’s stock market rose in early trade on Tuesday on the back of rising oil prices, while Dubai and Abu Dhabi were shut for public holidays.

Oil prices rose for a second day as the world’s biggest oil exporter, Saudi Arabia, is pushing producers to deepen a supply cut agreement when Opec and its allies meet this week.

Brent futures rose 19 cents, or 0.3 per cent, to $61.11 a barrel by 0218 GMT, after gaining 0.7 per cent on Monday.

Saudi Arabia is pushing for the cut in oil supplies to deliver a positive surprise to the market before the listing of state-owned oil giant Saudi Aramco, the sources said.

Institutional investors have already put in 144.1 billion riyals ($38.4 billion) worth of bids for Aramco’s planned IPO, which is more than double the capital it seeks to raise from institutions.

Institutional investors still have until Wednesday to place orders.

In Saudi Arabia, the benchmark index gained 0.4 per cent, with Al Rajhi Bank advancing 0.8 per cent and Saudi British Bank rising 2.5 per cent.

Saudi Cable Company jumped 5.6 per cent after the regulator approved its capital increase by a rights issue of 250 million riyals.

Qatar’s index edged down 0.1 per cent with Qatar Fuel losing 0.6 per cent.

The Dubai and Abu Dhabi stock markets are closed for three days of public holidays and will resume trading on Wednesday.