June 7, 2020 / 1:21 PM / a month ago

MIDEAST STOCKS-Gulf stocks rise on oil pact, Egypt lifted by IMF agreement

    * Dubai registers biggest intraday rise in two months
    * 26 of 30 stocks gain on Egypt's blue-chip index
    * IMF announces preliminary deal on standby loan for Egypt

    By Ateeq Shariff
    June 7 (Reuters) - Most bourses in the Gulf ended higher on
Sunday, a day after the OPEC+ group of oil producers agreed to
extend record production cuts until the end of July, with
Egyptian shares boosted by a preliminary deal on a standby IMF
loan for the country.
    Saturday's deal between OPEC and other producers led by
Russia prolongs a pact that has helped crude prices to double in
the past two months by withdrawing almost 10% of global supplies
from the market.
    Dubai's main share index jumped 4.6%, its biggest
intraday gain since April 7, led by a 9.5% surge for Dubai
Islamic Bank and a 6.1% increase in Emaar Properties
.
    In Saudi Arabia, OPEC's de facto leader, the index
was up 0.8%, with Al Rajhi Bank rising 1% and
petrochemicals group Saudi Basic Industries up 1.1%.
    Oil giant Saudi Aramco, meanwhile, gained 0.6%.
    It was not clear whether Saudi Arabia, the United Arab
Emirates and Kuwait would extend their additional voluntary oil
production cuts of 1.18 million bpd, which are not part of the
OPEC+ deal.
    The Abu Dhabi index gained 2.4%, boosted by a 4.2%
jump for the country's largest lender First Abu Dhabi Bank
.
    Outside the Gulf, Egypt's blue-chip index surged
4.6% after the International Monetary Fund (IMF) announced on
Friday that it had reached a staff-level agreement with Egypt
for a one-year $5.2 billion standby loan to help the country to
contend with the coronavirus pandemic. 
    The agreement will be finalised by the IMF's executive
board.

    
 SAUDI ARABIA          rose 0.8% to 7,268 points
 ABU DHABI            gained 2.4% to 4,405 points
 DUBAI                  leapt 4.6% to 2,133 points
 QATAR                added 1.1% to 9,349 points
 EGYPT                  up 4.6% to 11,109 points
 BAHRAIN              lost 0.4% to 1,270 points
 OMAN                 was up 0.6% to 3,538 points
 KUWAIT               rose 0.9% to 5,507 points
 
 (Reporting by Ateeq Shariff in Bengaluru
Editing by David Goodman)
  
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