Middle East Stocks Gain With Oil Prices on OPEC Deal

Shutterstock photo

MidEast shares advanced on the back of a deal from OPEC to cut production in an effort to lift oil prices . Higher oil prices could bring more money back into MidEast countries and lead to easier government austerity measures.

The agreement included bigger production cuts than many analysts had expected, giving oil a big boost on Wednesday. Brent crude hit a six-week high.

Saudi stocks hit their highest level this year in heavy trade. United Arab Emirates markets closed Thursday for a public holiday.

Egypt continued to benefit from foreign buying. Foreigners have been net buyers since the central bank there floated its currency on Nov 3.

Saudi Arabia's main index jumped 1.3% to 7,094 points, Egypt added 0.8% to 11,548 points, Qatar gained 1.2% to 9,914 points, Kuwait firmed 0.3% to 5,569 points, Oman rallied 1.9% to 5,590 points and Bahrain rose 0.3% to 1,178 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Stocks

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com