A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike
Shares in Saudi Arabia rose in early trade on Monday, as oil prices bounced back after the country hiked prices for its crude sales in July.
The kingdom raised the official selling price (OSP) for its flagship Arab light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, from a $4.40 premium in June. read more
Anaam International Holding Group (4061.SE) topped the gainers with a 9.9% surge, extending the rally to a third consecutive session after it acquired 55% stake in ARW Industry Company.
Bupa Arabia (8210.SE) also gained 5.1% after the company announced annual dividend of 4.50 riyals a share ($1.20), an increase of about 32% compared with last year.
Brent crude firmed 68 cents, or 0.6%, to $120.40 a barrel at 0640 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday.
In Abu Dhabi, the index (.FTFADGI) dropped 0.4%, weighed down by a 1.8% fall in the country’s largest lender First Abu Dhabi Bank (FAB.AD) and a 0.4% drop in conglomerate International Holding Company (IHC.AD).
($1 = 3.7508 riyals)Reporting by Mohd Edrees in Bengaluru; Editing by Jacqueline Wong
This article was originally published by Reuters.