March 10, 2020 / 1:34 PM / 22 days ago

MIDEAST STOCKS-Gulf stocks close higher as oil rebounds

    * Saudi index snaps four-session losing streak
    * All Saudi banks gain
    * Aramco jumps after supply increase
    * Almarai appoints chairman
    * QIIB slips on ex-dividend

    By Maqsood Alam
    March 10 (Reuters) - Middle Eastern stocks ended higher on Tuesday,
recovering from record falls a day earlier, as oil prices rebounded on hopes of
a global economic stimulus and Russia signalled possible cooperation with OPEC.
    Brent futures rose 10% by 1041 GMT, a day after it slumped 25% as
Saudi Arabia slashed crude prices for April and planned output hikes after
Russia refused to support deeper oil production cuts.
    The Russian Energy Ministry has called a meeting with oil companies on
Wednesday to discuss future cooperation with the OPEC, sources told Reuters.

    U.S. President Donald Trump on Monday said he will be taking "major" steps
to gird the U.S. economy, while Japan's government plans to spend more than $4
billion in a second package of steps to cope with coronavirus.

    Saudi Arabia's index surged 7.1%, its biggest intra-day gain since
August 2015, snapping a four-session losing streak. Financial shares weighed on
the index most, with Al Rajhi Bank rising 8.8%.
    Saudi Aramco closed up 9.9% at 31.15 riyals ($8.30). The Oil
giant, whose stock declined sharply in last two sessions, said it would raise
its crude supply to 12.3 million barrels per day in April.
    Food and beverage firm Almarai jumped 9.9% after it appointed Naif
Bin Sultan Bin Mohammed Bin Saud Al Kabeer as its chairman.
    Dubai's index, which fell to its lowest since April 2013 in the
last session, climbed 7.3% with Dubai Islamic Bank jumping 10.4% and
Emaar Properties adding 7.4%.
    The Abu Dhabi index closed 5.5% higher a day after its biggest
single-day loss since November 2009 as First Abu Dhabi Bank rose 7.1%.
    The Qatari index rose 3.3% after its sharpest intra-day fall in at
least two decades on Monday. Qatar National Bank jumped 6.3%.
    Qatar International Islamic Bank, however, ended 6.4% lower as it
traded ex-dividend.
    In Egypt, the blue-chip index was up 2%, with Commercial
International Bank Egypt closing 4.2% higher.
        
 SAUDI ARABIA          jumped 7.1% to 6,762 points
 ABU DHABI            rose 5.5% to 4,263 points
 DUBAI                  rose 7.3% to 2,231 points
 QATAR                gained 3.3% to 8,433 points
 EGYPT                  rose 2% to 11,200 points
 BAHRAIN              gained 1.5% to 1,493 points
 OMAN                 edged up 0.7% to 3,798 points
 KUWAIT               inched up 0.3% to 5,174 points
 

($1 = 3.7530 riyals)

 (Reporting by Maqsood Alam in Bengaluru; Editing by Ramakrishnan M.)
  
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