Bounce in crude oil supports Saudi stocks

Tadawul index rises 0.2%

DUBAI: The Tadawul All Share Index rose 0.2 percent on Monday as Brent oil prices recovered some of last week’s heavy losses. Eight of 14 listed petrochemical makers rose with Saudi Basic Industries Corporation (SABIC) up 0.5 percent.

Most blue-chip banks rose; National Commercial Bank added 1.2 percent.

Dubai’s Drake & Scull climbed 2.4 percent on Monday. It has now risen 8 percent in unusually large volumes since Thursday. Former chief Khaldoun Tabari has sold his stake in the company to Tabarak Investment, a source told Zawya, a Thomson Reuters publication.

Tabarak Investment’s stake stands at around 18 to 20 percent after the sale, making it the largest shareholder, Zawya said. In April, DSI said it would sell 500 million dirhams ($136 million) of shares to Tabarak as part of its capital restructuring program, subject to regulatory approval.

A 3 percent gain in shares of