Stock markets in the Gulf made small gains yesterday morning after crude oil prices climbed back towards 17-month highs at the end of last week. Brent futures rose 2.2 percent to settle at $55.21 a barrel after Goldman Sachs boosted its price forecast for 2017 and producers showed signs of adhering to a global deal to reduce output.
Saudi Arabian petrochemical shares were bid up in the first hour of trade with all but one of the 14 listed producers advancing, pulling the main Saudi stock index 0.3 percent higher. Top producer Saudi Basic Industries added 0.5 percent.
Commodities transportation company National Shipping Co (Bahri) climbed 1.9 percent after it announced its board had proposed a cash dividend cash of 2.5 riyals per share for 2016, in line with 2015. Its dividend yield is at 6.0 percent. Dubai’s main index added 0.6 percent with gainers outnumbering losers 17 to one. Some of Thursday’s top decliners recovered with Emaar Malls Group adding 1.5 percent. Blue chips helped carry Abu Dhabi’s index 0.9 percent higher. Dana Gas jumped 3.7 percent and First Gulf Bank rose 2.4 percent.
