(Bloomberg) -- The main equities gauge in Riyadh climbed while those in Kuwait and Abu Dhabi fell after leaders from Russia and the kingdom discussed the OPEC+ agreement over the weekend and indicated further cooperation to support oil prices.

The Tadawul All Share Index climbed as much as 0.4% on Sunday in Riyadh, extending an increase of 1.7% from last week. Gauges in Dubai, Bahrain, Oman and Tel Aviv also climbed, while those in Abu Dhabi, Kuwait and Doha fell as much as 0.4%.

Russian President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman spoke Saturday in what the Kremlin said was a continuation of an Oct. 13 conversation. The latest call came two days before several OPEC+ ministers are set to discuss the implementation of production cuts during a meeting of the so-called Joint Ministerial Monitoring Committee.

This week’s intensive oil diplomacy comes as coronavirus cases surge in Europe and the Americas, weighing on the outlook for demand over the next few months.

Both demand and supply risks are of concern, said Hootan Yazhari, managing director of equity research at BofA Securities. “Certainly what we are seeing is demand for jet-fuel pulling back,” he said in an interview with Bloomberg TV on Sunday. Still, “we are concerned about demand, particularly given the re-emergence of the second wave across Europe.”

MIDDLE EASTERN MARKETS:

  • The Tadawul All Share Index extends gains in October to 3.5%
    • Al Rajhi Bank +0.8%, Sabic +1.3%, Saudi Telecom +0.6%
    • Abdullah Al Othaim Markets gains 1.4%
      • NOTE: The company said in a statement published on Twitter that it stopped importing Turkish products, saying the decision came in solidarity to a so-called “popular boycott campaign” by Saudi citizens against Turkey
    • MORE, on Oct. 10: Turkish Businesses Call on Saudi Arabia Not to Block Imports
  • Kuwait’s Premier Market index drops 0.4%, the most in the Gulf
    • Boubyan Bank falls as much as 2.5%, the most in near three weeks
    • Oct. 12: Drop KFH, Add Boubyan Ahead of Kuwait MSCI Upgrade: EFG-Hermes
  • Qatar’s QE Index retreats 0.2%, heading for the third consecutive session of decline
    • Qatar Islamic Bank -0.4%; Qatar National Bank -0.3%, Commercial Bank of Qatar -1%
    • Oct. 14: Qatari Second-Quarter GDP Drops to Lowest Since 2012 on Pandemic
  • In Tel Aviv, the TA-35 climbs 0.5%
    • Delek Group jumps 6.8% after saying it will sell 70% stake in Delek Israel to Lahav L.R. and a partner for ILS525m
    • READ: Delek to Sell Unit Stake to Lahav After Pulling Deal With Arbel
    • Israel eased coronavirus-related restrictions in most of the country on Sunday as new infections continued to decline, though localities with the highest morbidity numbers will still be subject to curbs

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