Saudi index up, UAE stocks mark best week in years

Saudi Arabia's stock market edged up on Thursday, ahead of an OPEC+ meeting to try and agree oil supply cuts, while shares in the United Arab Emirates registered their biggest weekly percentage gains in years.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a group known as OPEC+ - are set to hold a video conference on Thursday at about 1400 GMT.

Saudi Arabia's benchmark index inched up 0.1%, with Saudi Electricity Company rising 3.6%.

Meanwhile, the kingdom said it would convene a virtual meeting of energy ministers from the Group of 20 major economies on Friday "to foster global dialogue and cooperation to ensure stable energy markets and enable a stronger global economy".

In Abu Dhabi, the index climbed 6.4%, bringing weekly gains to more than 9% and the most in percentage terms since December 2009. First Abu Dhabi Bank, the country's largest lender, soared 11.2%, while telecoms firm Etisalat ended 5.6% higher.

Abu Dhabi sold $7 billion of bonds on Wednesday, sources said, following Qatar's $10 billion debt sale on Tuesday, as Gulf states seek extra liquidity amid low oil prices and the coronavirus outbreak.

Dubai's main share index advanced 3.6%, snapping six straight weeks of losses. This week the index settled up over 6%, posting its biggest weekly gain since February 2016.

Emirates NBD Bank jumped 7.7%, while Shariah-compliant lender Dubai Islamic Bank was up 3.6%.

The Qatari index, however, slipped 0.5%, hurt by a 6.4% fall in Mesaieed Petrochemical.

Outside the Gulf, Egypt's blue-chip index increased 2.2%. Commercial International Bank jumped 4.2%, while Juhayna Food surged 8.1%.

Egypt extended a nationwide night-time curfew by 15 days until April 23 to counter the spread of the coronavirus, Prime Minister Mostafa Madbouly said on Wednesday.