Saudi shares extend rebound on budget surplus; Qatar dips

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An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike

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May 16 (Reuters) - Saudi Arabia's stock index rose in early trade on Monday, on track to extend a rebound from the previous session, while the Qatari index continued to fall.

The benchmark index (.TASI) in Saudi Arabia gained 0.5%, with oil giant Saudi Aramco (2222.SE) advancing 1.5% after it reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts. read more

The kingdom also posted on Sunday a budget surplus of 57.49 billion riyal ($15.33 billion) for the first three months of 2022, bolstered by a 58% jump in oil revenue as prices surged.

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Aramco, which is at par with Apple Inc (AAPL.O) as the world's most valuable company, reported a net income of $39.5 billion for the quarter to March 31, from $21.7 billion a year earlier.

Brent crude prices ended the first quarter up almost 70% to $107.91 a barrel from end of March 2021, as the Russian invasion of Ukraine exacerbated concerns over petroleum supplies.

In Qatar, the index (.QSI) fell 0.5%, stretching losses for a third session, hit by a 4.5% slide in Commercial Bank (COMB.QA).

Most Gulf stock markets lost ground last week, reflecting investors' anxiety about fast-rising inflation that will drive a sharp rise in interest rates and put global economy growth at risk.

** Dubai and Abu Dhabi bourse were closed for a public holiday.

($1 = 3.7510 riyals)

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Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

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