Oil jumps over 2% after U.S. inventory data, Russia OPEC comments - Reuters:
Oil prices surged more than 2% on Wednesday after a better-than-expected U.S. crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the global oil market balanced.
Prices pulled back slightly after Reuters reported that the first phase of a trade deal between Beijing and Washington might not get done this year, trade experts and people close to the White House said. The 16-month trade war between the world’s top economies is raising concerns about its impact on oil demand.
Brent crude LCOc1 futures settled at $62.40 a barrel, gaining $1.49, or 2.5%, and West Texas Intermediate crude CLc1 settled at $57.11 a barrel, up $1.90, or 3.4%.
Wednesday 20 November 2019
#Russia Aims to Keep OPEC+ Pledge, But Has New Excuse to Break It - Bloomberg
Russia Aims to Keep OPEC+ Pledge, But Has New Excuse to Break It - Bloomberg:
Russia offered yet another explanation for why its oil production may exceed its OPEC+ target for November, months after promising to improve the country’s lax implementation of output cuts.
“We’re trying to reach the planned level,” Energy Minister Alexander Novak told reporters in Moscow on Wednesday. “There are certain nuances that, as we’ve said before, have an impact during winter season.”
The startup of new natural gas fields that yield higher volumes of a light oil called condensate has lifted Russia’s production figures, but “it shouldn’t be included in overall volumes of output” because it isn’t exported, Novak said.
Russia offered yet another explanation for why its oil production may exceed its OPEC+ target for November, months after promising to improve the country’s lax implementation of output cuts.
“We’re trying to reach the planned level,” Energy Minister Alexander Novak told reporters in Moscow on Wednesday. “There are certain nuances that, as we’ve said before, have an impact during winter season.”
The startup of new natural gas fields that yield higher volumes of a light oil called condensate has lifted Russia’s production figures, but “it shouldn’t be included in overall volumes of output” because it isn’t exported, Novak said.
Aramco IPO News: Central Bank Worries About Excessive Lending - Bloomberg
Aramco IPO News: Central Bank Worries About Excessive Lending - Bloomberg:
Saudi Arabia is closely monitoring how much banks are lending to local investors rushing to buy shares in Aramco and what impact the mammoth offering will have on the kingdom’s financial sector.
The Saudi Arabian Monetary Authority wants daily updates on how much credit banks are providing after it eased lending limits for buyers, according to people with knowledge of the matter. The regulator is warning banks not to breach any prudential limits after institutions were permitted to lend as much as double every riyal buyers put toward Aramco shares -- from the usual limit of 1 to 1, one of the people said, asking not to be identified because the matter is private.
Officials are concerned that leverage dedicated to the Aramco IPO could potentially deprive the private sector of credit, the people said. They’re also concerned what will happen if Aramco’s share price slumps after listing, they said. SAMA didn’t immediately respond to requests for comment.
Saudi Arabia is closely monitoring how much banks are lending to local investors rushing to buy shares in Aramco and what impact the mammoth offering will have on the kingdom’s financial sector.
The Saudi Arabian Monetary Authority wants daily updates on how much credit banks are providing after it eased lending limits for buyers, according to people with knowledge of the matter. The regulator is warning banks not to breach any prudential limits after institutions were permitted to lend as much as double every riyal buyers put toward Aramco shares -- from the usual limit of 1 to 1, one of the people said, asking not to be identified because the matter is private.
Officials are concerned that leverage dedicated to the Aramco IPO could potentially deprive the private sector of credit, the people said. They’re also concerned what will happen if Aramco’s share price slumps after listing, they said. SAMA didn’t immediately respond to requests for comment.
Equities back in favor for sovereign investors in third quarter - Reuters
Equities back in favor for sovereign investors in third quarter - Reuters:
Sovereign wealth funds regained their appetite for equities in the third quarter, piling into passively managed stocks in the United States and equities in mainland China and elsewhere, according to eVestment data.
Passively managed S&P 500 funds — those that buy a basket of S&P 500 stocks and hold them rather than trading day to day — took in $1.09 billion from sovereign investors during the period, the first net inflow since the fourth quarter of 2016, after significant outflows in recent years.
In another sign of renewed interest in equities, sovereign investor inflows to global enhanced equity funds — which are actively managed — reached $1.05 billion, their largest since the fourth quarter of 2017.
Sovereign wealth funds regained their appetite for equities in the third quarter, piling into passively managed stocks in the United States and equities in mainland China and elsewhere, according to eVestment data.
Passively managed S&P 500 funds — those that buy a basket of S&P 500 stocks and hold them rather than trading day to day — took in $1.09 billion from sovereign investors during the period, the first net inflow since the fourth quarter of 2016, after significant outflows in recent years.
In another sign of renewed interest in equities, sovereign investor inflows to global enhanced equity funds — which are actively managed — reached $1.05 billion, their largest since the fourth quarter of 2017.
Arabian Centres raises $500 mln via debut Islamic bond - Reuters
Arabian Centres raises $500 mln via debut Islamic bond - Reuters:
Saudi shopping mall operator Arabian Centres has raised $500 million via its debut international Islamic bond sale, part of a $1.9 billion refinancing exercise.
The issuance was four times oversubscribed, the company said in a statement on Wednesday.
Arabian Centres started marketing the Islamic bond on Tuesday with an initial price guidance of 5.75%, which was later reduced to 5.5-5.625%, documents by one of the banks leading the deal showed.
The bond or sukuk coupon rate eventually shrank to 5.375%, reflecting hefty demand.
Saudi shopping mall operator Arabian Centres has raised $500 million via its debut international Islamic bond sale, part of a $1.9 billion refinancing exercise.
The issuance was four times oversubscribed, the company said in a statement on Wednesday.
Arabian Centres started marketing the Islamic bond on Tuesday with an initial price guidance of 5.75%, which was later reduced to 5.5-5.625%, documents by one of the banks leading the deal showed.
The bond or sukuk coupon rate eventually shrank to 5.375%, reflecting hefty demand.
#Saudi Aramco to meet investors in #Dubai and #AbuDhabi: sources - Reuters
Saudi Aramco to meet investors in Dubai and Abu Dhabi: sources - Reuters:
Saudi Aramco plans meetings with investors in Dubai next week, sources said, in which it is seeking to raise up to $25.6 billion in the world’s biggest share sale.
The state oil giant and its advisors are hosting meetings at Dubai’s Ritz Carlton Hotel at the Dubai International Financial Centre on Nov. 24, said an investor who has seen the invitation.
Aramco also plans to meet investors in Abu Dhabi the day after, according to a second source at an investment firm.
Aramco could not be immediately reached for a comment.
Saudi Aramco plans meetings with investors in Dubai next week, sources said, in which it is seeking to raise up to $25.6 billion in the world’s biggest share sale.
The state oil giant and its advisors are hosting meetings at Dubai’s Ritz Carlton Hotel at the Dubai International Financial Centre on Nov. 24, said an investor who has seen the invitation.
Aramco also plans to meet investors in Abu Dhabi the day after, according to a second source at an investment firm.
Aramco could not be immediately reached for a comment.
#Russia to continue cooperation with OPEC to keep oil market balanced: Putin - Reuters
Russia to continue cooperation with OPEC to keep oil market balanced: Putin - Reuters:
President Vladimir Putin said on Wednesday that Russia and OPEC have ‘a common goal’ of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.
“Our (common with OPEC) goal is for the market to be balanced, acceptable for producers and consumers and the most important - and I want to underline this - predictable,” Putin told a forum on Wednesday.
Saudi Arabia’s King Salman said on Wednesday that the kingdom’s oil policy aims to promote stability in global oil markets, and serves consumers and producers alike. It plans to announce pricing for an initial public offering of its crown asset, Saudi Aramco, also on Dec. 5.
President Vladimir Putin said on Wednesday that Russia and OPEC have ‘a common goal’ of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.
“Our (common with OPEC) goal is for the market to be balanced, acceptable for producers and consumers and the most important - and I want to underline this - predictable,” Putin told a forum on Wednesday.
Saudi Arabia’s King Salman said on Wednesday that the kingdom’s oil policy aims to promote stability in global oil markets, and serves consumers and producers alike. It plans to announce pricing for an initial public offering of its crown asset, Saudi Aramco, also on Dec. 5.
How #SaudiArabia's King Salman feels about Aramco IPO - Arabianbusiness
How Saudi Arabia's King Salman feels about Aramco IPO - Arabianbusiness:
Saudi Arabia's King Salman said Wednesday that oil giant Aramco's planned IPO will attract investment and create thousands of jobs, in his first comments on the blockbuster stock market listing.
Riyadh on Sunday put a value of up to $1.71 trillion on Aramco as it said it would sell 1.5 percent of the company in an initial public offering worth $24-25.6 billion -- potentially the world's biggest.
The listing "will allow investors inside and outside the kingdom to contribute to this leading company, allowing for investments and creating thousands of jobs", the king said in his annual address to the consultative Shura Council, according to the foreign ministry.
"It will enhance the size of Saudi Arabia's financial market to the ranks of global markets, as well as enhance transparency and the governing system of the company, in line with international standards."
Saudi Arabia's King Salman said Wednesday that oil giant Aramco's planned IPO will attract investment and create thousands of jobs, in his first comments on the blockbuster stock market listing.
Riyadh on Sunday put a value of up to $1.71 trillion on Aramco as it said it would sell 1.5 percent of the company in an initial public offering worth $24-25.6 billion -- potentially the world's biggest.
The listing "will allow investors inside and outside the kingdom to contribute to this leading company, allowing for investments and creating thousands of jobs", the king said in his annual address to the consultative Shura Council, according to the foreign ministry.
"It will enhance the size of Saudi Arabia's financial market to the ranks of global markets, as well as enhance transparency and the governing system of the company, in line with international standards."
#Dubai's Shuaa Capital says plan to sell market-making unit fails - Arabianbusiness
Dubai's Shuaa Capital says plan to sell market-making unit fails - Arabianbusiness:
Dubai-based Shuaa Capital has announced that plans to sell its market-making business, Shuaa Capital International, has hit an obstacle.
While a deal to sell Shuaa Securities, its securities brokerage, to IHC RSC Ltd, a subsidiary of International Holdings Company (IHC), is proceeding, the buyer has pulled out of the deal for the market-making business, a statement said.
In September, Shuaa Capital said it had agreed to sell both businesses to IHC RSC Ltd.
Under the terms of the all-cash deal, IHC was expected to acquire the operations of both businesses.
Dubai-based Shuaa Capital has announced that plans to sell its market-making business, Shuaa Capital International, has hit an obstacle.
While a deal to sell Shuaa Securities, its securities brokerage, to IHC RSC Ltd, a subsidiary of International Holdings Company (IHC), is proceeding, the buyer has pulled out of the deal for the market-making business, a statement said.
In September, Shuaa Capital said it had agreed to sell both businesses to IHC RSC Ltd.
Under the terms of the all-cash deal, IHC was expected to acquire the operations of both businesses.
MIDEAST STOCKS-Gulf markets edge up while Egypt extends losses - Reuters
MIDEAST STOCKS-Gulf markets edge up while Egypt extends losses - Reuters:
Bank stocks helped support markets in the
United Arab Emirates on Wednesday, while Egypt's blue-chip index
extended losses for a third straight session.
Dubai's index edged up 0.1% supported by Emirates
NBD and Emaar Malls, which were up 0.4% and
1.6% respectively.
Air Arabia closed up 1.4%, stretching its winning
streak to a third day. On Monday, the budget airline announced
an order for 120 Airbus A320neo-family jets in a deal worth
about $14 billion.
However, the market's gains were capped by losses at real
estate sector with Arabtec Holding falling 4.7%, the
biggest loser on the index. On Friday, the contractor swung to a
third-quarter loss, compared with a profit a year earlier.
Bank stocks helped support markets in the
United Arab Emirates on Wednesday, while Egypt's blue-chip index
extended losses for a third straight session.
Dubai's index edged up 0.1% supported by Emirates
NBD and Emaar Malls, which were up 0.4% and
1.6% respectively.
Air Arabia closed up 1.4%, stretching its winning
streak to a third day. On Monday, the budget airline announced
an order for 120 Airbus A320neo-family jets in a deal worth
about $14 billion.
However, the market's gains were capped by losses at real
estate sector with Arabtec Holding falling 4.7%, the
biggest loser on the index. On Friday, the contractor swung to a
third-quarter loss, compared with a profit a year earlier.
#Saudi Aramco does not rule the world | Financial Times
Saudi Aramco does not rule the world | Financial Times:
Crown Prince Mohammed bin Salman tends to get his way in Saudi Arabia, so the mood in Riyadh on Saturday when a group of investment bankers rejected his wishes must have been frosty. He had wanted an initial public offering to put a value of $2tn on Saudi Aramco, the world’s biggest oil company, but they demurred.
The prince still runs the country and Yasir al-Rumayyan, chairman of Saudi Aramco and head of the kingdom’s sovereign wealth fund, responded by calling off plans for a global IPO in favour of a local offering. Saudi Aramco will probably be valued at $1.7tn, but the prince’s vision of the IPO symbolising his country’s opening up to the world has faded.
It is a telling moment, not only for Saudi Arabia and its crown prince, but for investors. After the aborted IPO of WeWork, the shared offices group, it is another example of public shareholders refusing to accept the lofty valuations of private owners. Companies have enjoyed a good run — making exchanges compete for listings and gaining high prices from investment institutions — but the mood has changed.
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| © Ingram Pinn/Financial times |
Crown Prince Mohammed bin Salman tends to get his way in Saudi Arabia, so the mood in Riyadh on Saturday when a group of investment bankers rejected his wishes must have been frosty. He had wanted an initial public offering to put a value of $2tn on Saudi Aramco, the world’s biggest oil company, but they demurred.
The prince still runs the country and Yasir al-Rumayyan, chairman of Saudi Aramco and head of the kingdom’s sovereign wealth fund, responded by calling off plans for a global IPO in favour of a local offering. Saudi Aramco will probably be valued at $1.7tn, but the prince’s vision of the IPO symbolising his country’s opening up to the world has faded.
It is a telling moment, not only for Saudi Arabia and its crown prince, but for investors. After the aborted IPO of WeWork, the shared offices group, it is another example of public shareholders refusing to accept the lofty valuations of private owners. Companies have enjoyed a good run — making exchanges compete for listings and gaining high prices from investment institutions — but the mood has changed.
Speaking of EM: What Aramco’s IPO Means for Markets Bloomberg
Bloomberg:
Saudi Aramco’s giant initial public offering, three years in the making, is finally upon us. The Saudi Arabian government, initially wanting a $2 trillion valuation, has scaled down its ambitions to roughly $1.7 trillion. While that would still make it the world’s largest company, it may not be enough of a concession to convince foreign investors to buy the stock, which will be listed in Riyadh.
Paul Wallace, based in Dubai, speaks to his colleagues Filipe Pacheco and Netty Ismail about why the IPO’s taken this long, what will happen when the shares start trading next month and the amount of inflows Saudi Arabia can expect from portfolio investors.
Saudi Aramco’s giant initial public offering, three years in the making, is finally upon us. The Saudi Arabian government, initially wanting a $2 trillion valuation, has scaled down its ambitions to roughly $1.7 trillion. While that would still make it the world’s largest company, it may not be enough of a concession to convince foreign investors to buy the stock, which will be listed in Riyadh.
Paul Wallace, based in Dubai, speaks to his colleagues Filipe Pacheco and Netty Ismail about why the IPO’s taken this long, what will happen when the shares start trading next month and the amount of inflows Saudi Arabia can expect from portfolio investors.
Where OPEC+ Oil Production Stands Now
Where OPEC+ Oil Production Stands Now:
Saudi Arabia and Russia—the leaders of a nearly three-year-old alliance to curb oil production—are drifting apart. While the Saudis have kept output below agreed levels throughout 2019, Russia in October again failed to meet its commitment. As the OPEC+ coalition prepares to meet next month to chart its future course, the union’s two biggest producers have been taking different approaches to their supply pact.
Saudi Arabia and Russia—the leaders of a nearly three-year-old alliance to curb oil production—are drifting apart. While the Saudis have kept output below agreed levels throughout 2019, Russia in October again failed to meet its commitment. As the OPEC+ coalition prepares to meet next month to chart its future course, the union’s two biggest producers have been taking different approaches to their supply pact.
Egypt Wealth Fund Seeks More Gulf Partners to Lure Investments - Bloomberg
Egypt Wealth Fund Seeks More Gulf Partners to Lure Investments - Bloomberg:
Egypt’s sovereign wealth fund is looking to more oil-rich Gulf countries to drum up foreign investment, as the Arab world’s most populous nation presses on with the next phase of its planned economic revamp.
After launching a $20 billion investment platform with the United Arab Emirates, Egypt’s fund is now setting its sights on Saudi Arabia, Kuwait and Oman as partners, its chief executive officer, Ayman Soliman, said in an interview in Dubai.
The partnerships could take several forms “including setting up investment platforms or funds,” Soliman said. Talks with Oman are at the most advanced stage, and could be completed by the end of 2019, and Saudi Arabia and Kuwait have “an appetite to invest in Egypt.”
Egypt’s sovereign wealth fund is looking to more oil-rich Gulf countries to drum up foreign investment, as the Arab world’s most populous nation presses on with the next phase of its planned economic revamp.
After launching a $20 billion investment platform with the United Arab Emirates, Egypt’s fund is now setting its sights on Saudi Arabia, Kuwait and Oman as partners, its chief executive officer, Ayman Soliman, said in an interview in Dubai.
The partnerships could take several forms “including setting up investment platforms or funds,” Soliman said. Talks with Oman are at the most advanced stage, and could be completed by the end of 2019, and Saudi Arabia and Kuwait have “an appetite to invest in Egypt.”
Yields Past 100% Just Put #Lebanon Debt Into Venezuela Territory - Bloomberg
Yields Past 100% Just Put Lebanon Debt Into Venezuela Territory - Bloomberg:
The political crisis in Lebanon has sent the yields on some of its dollar bonds into triple digits.
Rates on the government’s $1.2 billion of notes maturing in March next year climbed 15 percentage points on Tuesday to 103%. They were at 13% five weeks ago, just before the start of nationwide protests that led to the resignation of Prime Minister Saad Hariri and exacerbated the nation’s economic strife.
With Lebanon viewed by many bond traders as a default waiting to happen, cash prices have become more important than yields as they factor in potential recovery rates. That’s inverted the government’s curve and distorted yields at the shorter end. The price of Lebanon’s 2020 debt is 78 cents on the dollar, while that of its April 2021 securities is 56 cents.
The political crisis in Lebanon has sent the yields on some of its dollar bonds into triple digits.
Rates on the government’s $1.2 billion of notes maturing in March next year climbed 15 percentage points on Tuesday to 103%. They were at 13% five weeks ago, just before the start of nationwide protests that led to the resignation of Prime Minister Saad Hariri and exacerbated the nation’s economic strife.
With Lebanon viewed by many bond traders as a default waiting to happen, cash prices have become more important than yields as they factor in potential recovery rates. That’s inverted the government’s curve and distorted yields at the shorter end. The price of Lebanon’s 2020 debt is 78 cents on the dollar, while that of its April 2021 securities is 56 cents.
Emirates Trims Boeing (BA) Wide-Body Plan as It Curbs Growth - Bloomberg
Emirates Trims Boeing (BA) Wide-Body Plan as It Curbs Growth - Bloomberg:
Emirates scaled back a commitment to buy billions of dollars of Boeing Co. wide-body jets, completing a recalibration of ambitious plans that has also seen it slash orders for Airbus SE planes.
The world’s biggest long-haul airline will now take 30 Boeing 787s worth $8.8 billion at list prices, together with 126 larger 777Xs, Chairman Sheikh Ahmed Bin Saeed Al Maktoum announced Wednesday at the Dubai Airshow.
That’s 40 planes fewer than originally planned, including six older 777s converted to the new version, and follows the slimming down of orders with Airbus by a net 20 jets earlier this week. Based on the most recent published list prices, the jettisoned commitments were worth about $24 billion.
Emirates scaled back a commitment to buy billions of dollars of Boeing Co. wide-body jets, completing a recalibration of ambitious plans that has also seen it slash orders for Airbus SE planes.
The world’s biggest long-haul airline will now take 30 Boeing 787s worth $8.8 billion at list prices, together with 126 larger 777Xs, Chairman Sheikh Ahmed Bin Saeed Al Maktoum announced Wednesday at the Dubai Airshow.
That’s 40 planes fewer than originally planned, including six older 777s converted to the new version, and follows the slimming down of orders with Airbus by a net 20 jets earlier this week. Based on the most recent published list prices, the jettisoned commitments were worth about $24 billion.
Emirates president says to restart airline expansion by early 2020s - Reuters
Emirates president says to restart airline expansion by early 2020s - Reuters:
Emirates airline will restart its expansion by the early 2020s, company President Tim Clark said on Wednesday at the Dubai Airshow.
At the event, Emirates unveiled a $9 billion order for 30 Boeing (BA.N) 787 Dreamliners, paving the way for a reduction in orders for the delayed 777X airliner to 126 aircraft.
Clark said Emirates had not decided the breakdown of 777x variants it will take.
Emirates airline will restart its expansion by the early 2020s, company President Tim Clark said on Wednesday at the Dubai Airshow.
At the event, Emirates unveiled a $9 billion order for 30 Boeing (BA.N) 787 Dreamliners, paving the way for a reduction in orders for the delayed 777X airliner to 126 aircraft.
Clark said Emirates had not decided the breakdown of 777x variants it will take.
Emirates to get 30 Boeing 787 Dreamliners for $8.8 billion
Emirates to get 30 Boeing 787 Dreamliners for $8.8 billion:
The Middle East’s biggest carrier, the Dubai-based Emirates, announced on Wednesday a firm order for 30 Boeing 787 Dreamliners in a deal valued at $8.8 billion.
Emirates CEO and Chairman Sheikh Ahmed bin Saeed Al Maktoum said this order replaces an agreement for 150 777x Boeing to 126 of that aircraft, and adds 30 of the 787-9 Dreamliners. He spoke to reporters at the Dubai Airshow.
Combined with Emirates’ previous announcement this week for new Airbus aircraft, this brings the airline’s total orders at the airshow to $24 billion. Airlines, however, typically negotiate steep discounts from manufacturers.
On Monday, Emirates, announced it would be buying 20 additional wide-body Airbus A350s, bringing its total order for the aircraft to 50 in an agreement worth $16 billion at list price.
The Middle East’s biggest carrier, the Dubai-based Emirates, announced on Wednesday a firm order for 30 Boeing 787 Dreamliners in a deal valued at $8.8 billion.
Emirates CEO and Chairman Sheikh Ahmed bin Saeed Al Maktoum said this order replaces an agreement for 150 777x Boeing to 126 of that aircraft, and adds 30 of the 787-9 Dreamliners. He spoke to reporters at the Dubai Airshow.
Combined with Emirates’ previous announcement this week for new Airbus aircraft, this brings the airline’s total orders at the airshow to $24 billion. Airlines, however, typically negotiate steep discounts from manufacturers.
On Monday, Emirates, announced it would be buying 20 additional wide-body Airbus A350s, bringing its total order for the aircraft to 50 in an agreement worth $16 billion at list price.
Oil prices extend losses on supply, trade war fears - Reuters
Oil prices extend losses on supply, trade war fears - Reuters:
Oil prices slipped for a third day on Wednesday as a surge in U.S. stocks reinforced concerns about lackluster global economic growth, while hopes ebbed for any movement on the U.S.-China trade war.
West Texas Intermediate crude futures CLc1 erased early gains to trade down 17 cents, or 0.31%, at $55.04 a barrel by 0930 GMT. Brent crude futures LCOc1 were at $60.70 a barrel, down 21 cents, or 0.34%.
Crude inventories in the United States rose by 6 million barrels last week to 445.9 million, the American Petroleum Institute, an industry group, said on Tuesday.
Oil prices slipped for a third day on Wednesday as a surge in U.S. stocks reinforced concerns about lackluster global economic growth, while hopes ebbed for any movement on the U.S.-China trade war.
West Texas Intermediate crude futures CLc1 erased early gains to trade down 17 cents, or 0.31%, at $55.04 a barrel by 0930 GMT. Brent crude futures LCOc1 were at $60.70 a barrel, down 21 cents, or 0.34%.
Crude inventories in the United States rose by 6 million barrels last week to 445.9 million, the American Petroleum Institute, an industry group, said on Tuesday.
MIDEAST STOCKS-Property shares aid #Dubai; other Gulf markets mixed - Agricultural Commodities - Reuters
MIDEAST STOCKS-Property shares aid Dubai; other Gulf markets mixed - Agricultural Commodities - Reuters:
Dubai’s stock market extended gains early on Wednesday as most of its real estate stocks rose, while other major Gulf markets were mixed.
In Dubai, the index rose 0.3% as Deyaar Development gained 3.6% and Emaar Properties added 0.2%.
Among other stocks, Emirates Integrated Telecommunications gained 1.5% and Dubai Islamic Bank was up 0.2%. On Tuesday, the bank called its board meeting on Nov. 25 to discuss the acquisition of Noor Bank.
Air Arabia opened up 1.4%, extending gains for a third consecutive day. On Monday, the budget airline announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.
Dubai’s stock market extended gains early on Wednesday as most of its real estate stocks rose, while other major Gulf markets were mixed.
In Dubai, the index rose 0.3% as Deyaar Development gained 3.6% and Emaar Properties added 0.2%.
Among other stocks, Emirates Integrated Telecommunications gained 1.5% and Dubai Islamic Bank was up 0.2%. On Tuesday, the bank called its board meeting on Nov. 25 to discuss the acquisition of Noor Bank.
Air Arabia opened up 1.4%, extending gains for a third consecutive day. On Monday, the budget airline announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.