Major Gulf bourses gain, Saudi falls

Most major stock markets in the Gulf rose in early trade on Monday with higher oil prices, while the Saudi index retreated, threatening to end a four-day winning streak.

Oil prices hit their highest level in years as demand recovers from the Covid-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.

Saudi Arabia’s benchmark index (.TASI) fell 0.4 per cent, weighed down by a 1.4 per cent drop in petrochemical maker Saudi Basic Industries (2010.SE) and a 4.8 per cent slide in Yanbu National Petrochemicals Co (Yansab) (2290.SE).

Yansab reported a quarterly net profit of 179.8 million riyals ($47.94 million), down from 195.6 million riyals a year earlier.