New Saudi oil minister signals end to glut - FT.com:
"Saudi Arabia’s new oil minister has signalled an end to the worst of the oil glut and indicated the Opec kingpin is preparing to reassert a degree of control over the market after two years of letting prices fall.
During a visit to the US, Khalid al Falih said that the kingdom would be “expected” to start balancing supply and demand as the market recovers, with the world’s largest oil exporter once again assuming its role as the global swing producer."
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Wednesday, 22 June 2016
MIDEAST STOCKS-Gulf mixed before Brexit vote, Egypt resumes downtrend | Reuters
MIDEAST STOCKS-Gulf mixed before Brexit vote, Egypt resumes downtrend | Reuters:
"Gulf stock markets were mixed in narrow ranges and moderate volumes on Wednesday, with investors cautious before Britain's European Union referendum. Egypt resumed sliding after it broke major technical support earlier this week.
Saudi Arabia's index dropped 0.3 percent. Some banks were weak, with Saudi Hollandi Bank down 2.8 percent. Saudi Basic Industries, the Gulf's largest listed petrochemical producer, added 0.3 percent as oil prices rose.
Arabian Pipes jumped its 10 percent daily limit for a second straight day in its heaviest trading since early 2005."
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"Gulf stock markets were mixed in narrow ranges and moderate volumes on Wednesday, with investors cautious before Britain's European Union referendum. Egypt resumed sliding after it broke major technical support earlier this week.
Saudi Arabia's index dropped 0.3 percent. Some banks were weak, with Saudi Hollandi Bank down 2.8 percent. Saudi Basic Industries, the Gulf's largest listed petrochemical producer, added 0.3 percent as oil prices rose.
Arabian Pipes jumped its 10 percent daily limit for a second straight day in its heaviest trading since early 2005."
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MIDEAST STOCKS-Firmer oil prices support Gulf bourses in early trade | Reuters
MIDEAST STOCKS-Firmer oil prices support Gulf bourses in early trade | Reuters:
"Firmer oil prices supported stock markets in the Gulf in early trade on Wednesday but trading volumes were thin as most investors stayed on the sidelines before Britain's in-or-out European Union referendum on Thursday.
Saudi Arabia's benchmark added 0.5 percent in the first 20 minutes as Brent crude held over $50 a barrel. Saudi Basic Industries, the Gulf's largest listed petrochemical producer, added 0.9 percent and the banking sub-index was up 0.5 percent.
In Abu Dhabi, Union National Bank jumped 5.1 percent, heading for a second day of strong gains after Arqaam Capital said in a note on Tuesday that following the proposed merger between National Bank of Abu Dhabi and First Gulf Bank, "we expect UNB to be next"."
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"Firmer oil prices supported stock markets in the Gulf in early trade on Wednesday but trading volumes were thin as most investors stayed on the sidelines before Britain's in-or-out European Union referendum on Thursday.
Saudi Arabia's benchmark added 0.5 percent in the first 20 minutes as Brent crude held over $50 a barrel. Saudi Basic Industries, the Gulf's largest listed petrochemical producer, added 0.9 percent and the banking sub-index was up 0.5 percent.
In Abu Dhabi, Union National Bank jumped 5.1 percent, heading for a second day of strong gains after Arqaam Capital said in a note on Tuesday that following the proposed merger between National Bank of Abu Dhabi and First Gulf Bank, "we expect UNB to be next"."
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