Dubai: 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 per cent to $51.55 a barrel after Saudi Arabia’s Energy Minister Khalid Al Falih and Russia’s Oil Minister Alexander Novak said in a joint briefing in Beijing that they agreed output cuts need to be extended until March 2018. MSCI's emerging markets equity index is up 0.3 per cent.
Earnings at Dubai blue chip Emaar Properties came in line with expectations; first-quarter net profit rose 15 per cent to AED1.384 billion ($376.9 million), while SICO Bahrain and EFG Hermes had forecast AED1.424 billion and AED1.350 billion.
Another Dubai developer reported weaker earnings, however: DAMAC Properties said quarterly profit fell to AED880.4 million from AED1.05 billion, although revenues rose 20 per cent on year.
Shuaa Capital may attract interest after reporting a quarterly net profit attributable to shareholders of AED24.8 million, swinging from a loss of AED27.5 million a year ago.