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MIDEAST STOCKS-Oil's rebound set to support Gulf
May 15, 2017 / 5:39 AM / 7 months ago

MIDEAST STOCKS-Oil's rebound set to support Gulf

DUBAI, May 15 (Reuters) - Stocks in the Gulf and particularly Saudi Arabia look set to have support on Monday, and may recover Sunday’s modest losses, after oil prices surged.

Brent crude is up 1.4 percent to $51.55 a barrel after Saudi Arabia’s energy minister and Russia’s oil minister said in a joint briefing that they agreed output cuts need to be extended until March 2018. MSCI’s emerging markets equity index is up 0.3 percent.

Earnings at Dubai blue chip Emaar Properties came in line with expectations; first-quarter net profit rose 15 percent to 1.384 billion dirhams ($376.9 million), while SICO Bahrain and EFG Hermes had forecast 1.424 billion dirhams and 1.350 billion dirhams.

Another Dubai developer reported weaker earnings, however: DAMAC Properties said quarterly profit fell to 880.4 million dirhams from 1.05 billion dirhams, although revenues rose 20 percent on year.

Shuaa Capital may attract interest after reporting a quarterly net profit attributable to shareholders of 24.8 million dirhams, swinging from a loss of 27.5 million dirhams a year ago. (Reporting by Andrew Torchia)

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