Oil steadies on U.S. crude inventories fall, demand hopes - Reuters:
Oil prices steadied on Wednesday after U.S. government data showed a decline in crude inventories and on expectations for an uptick in demand next year on the back of progress in resolving the U.S.-China trade fight.
Brent futures LCOc1 gained 7 cents to settle at $66.17 a barrel while U.S. West Texas Intermediate (WTI) CLc1 ended the session down 1 cent at $60.93 a barrel per barrel.
U.S. crude fell by 1.1 million barrels in the week to Dec. 13 to 446.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel drop, the Energy Information Administration said.
Gasoline and distillate inventories grew last week by 2.5 million barrels to 237.3 million barrels, and 1.5 million barrels to 125.1 million barrels, respectively, EIA said.
Wednesday 18 December 2019
SoftBank Vision Fund Employees Depict a Culture of Recklessness - Bloomberg
SoftBank Vision Fund Employees Depict a Culture of Recklessness - Bloomberg:
Every six weeks or so, the SoftBank Vision Fund, the biggest source of investment money flowing to Silicon Valley, convenes a multihour video conference call for 75 people on three continents to catch up on its startups. Masayoshi Son, the Japanese billionaire and founder of the fund’s parent company, SoftBank Group Corp., usually dials in from Tokyo. Masa, as Son is universally known, can be charming and effusively complimentary on the calls, according to three regular participants. Or he can be enraged, berating presenters and demanding a perpetually shifting yet unfailingly detailed set of metrics. Or he can be both. No one ever quite knows where he’ll land on the charm-rage axis.
On one call in 2018, the three participants say, a Vision Fund managing partner named Kentaro Matsui was presenting charts showing steady but slow progress from the Chinese shipping startup Full Truck Alliance. Son flipped into rage mode, criticizing Matsui for being too conservative and demanding that he accelerate projections for revenue and valuation growth. “You’re too much like a banker!” he snapped at Matsui, who’s in fact a former banker. Others on the call cringed. It seemed as if Son was demanding that Matsui should find a way to supercharge the startup’s trajectory—a potentially dangerous push. “If you don’t change, I’ll find a way to change your role!” Son said.
Every six weeks or so, the SoftBank Vision Fund, the biggest source of investment money flowing to Silicon Valley, convenes a multihour video conference call for 75 people on three continents to catch up on its startups. Masayoshi Son, the Japanese billionaire and founder of the fund’s parent company, SoftBank Group Corp., usually dials in from Tokyo. Masa, as Son is universally known, can be charming and effusively complimentary on the calls, according to three regular participants. Or he can be enraged, berating presenters and demanding a perpetually shifting yet unfailingly detailed set of metrics. Or he can be both. No one ever quite knows where he’ll land on the charm-rage axis.
On one call in 2018, the three participants say, a Vision Fund managing partner named Kentaro Matsui was presenting charts showing steady but slow progress from the Chinese shipping startup Full Truck Alliance. Son flipped into rage mode, criticizing Matsui for being too conservative and demanding that he accelerate projections for revenue and valuation growth. “You’re too much like a banker!” he snapped at Matsui, who’s in fact a former banker. Others on the call cringed. It seemed as if Son was demanding that Matsui should find a way to supercharge the startup’s trajectory—a potentially dangerous push. “If you don’t change, I’ll find a way to change your role!” Son said.
Oil’s Advance Peters Out Despite Surprise U.S. Crude Withdrawal - Bloomberg
Oil’s Advance Peters Out Despite Surprise U.S. Crude Withdrawal - Bloomberg:
Oil’s longest streak of gains in almost two months lost momentum after swelling domestic fuel inventories neutralized a surprise decline in domestic crude inventories.
Futures in New York settled a penny below a three-month closing high on Wednesday. Crude supplies held in U.S. storage fell to levels not seen since early November following last week’s 1.1-million-barrel withdrawal. Still, stockpiles of gasoline, diesel and heating oil expanded even as as demand rebounded.
“The report was modestly bullish,” said Matt Sallee, portfolio manager at Tortoise, a Kansas firm that oversees more than $21 billion in assets. “Gasoline continued its seasonal build.”
Oil’s longest streak of gains in almost two months lost momentum after swelling domestic fuel inventories neutralized a surprise decline in domestic crude inventories.
Futures in New York settled a penny below a three-month closing high on Wednesday. Crude supplies held in U.S. storage fell to levels not seen since early November following last week’s 1.1-million-barrel withdrawal. Still, stockpiles of gasoline, diesel and heating oil expanded even as as demand rebounded.
“The report was modestly bullish,” said Matt Sallee, portfolio manager at Tortoise, a Kansas firm that oversees more than $21 billion in assets. “Gasoline continued its seasonal build.”
Kuwait Stocks End Year as Gulf Darling Ahead of MSCI Ruling - Bloomberg
Kuwait Stocks End Year as Gulf Darling Ahead of MSCI Ruling - Bloomberg:
Kuwait stocks beat peers in the Gulf this year as investors bet that MSCI Inc. will promote the country into its main index tracking stocks in emerging markets in June 2020.
The Boursa Kuwait Premier Market Index, which includes the biggest and most liquid stocks in the country, rose 0.5% on Wednesday, extending its advance to about 30% this year. MSCI has said that Kuwait’s change from its current “frontier” status would happen after certain trading mechanisms were improved. The compiler will give a final decision on Wednesday after 11 p.m. Central European Time.
The stock exchange has made all the necessary changes to guarantee the lift, Chief Executive Officer Mohammad Al Osaimi told Bloomberg Television last month. The index performance this year suggests that investors are also confident. Mohamad Al Hajj, an equities strategist at EFG-Hermes Holding in Dubai, expects the country to become 0.8% of the MSCI Emerging Markets Index, leading to inflows by passive investors of about $3.8 billion.
As investors prepare for the upgrade, exchange-traded funds have become a way for foreigners to place bets. BlackRock Inc. filed this month for the registration of what would be the first Kuwait-focused ETF to trade in New York. In Europe, the HANetf KMEFIC FTSE Kuwait Equity UCITS ETF and the Invesco MSCI Kuwait UCITS ETF both launched this year, and have total assets of $43 million and $53 million, respectively.
Kuwait stocks beat peers in the Gulf this year as investors bet that MSCI Inc. will promote the country into its main index tracking stocks in emerging markets in June 2020.
The Boursa Kuwait Premier Market Index, which includes the biggest and most liquid stocks in the country, rose 0.5% on Wednesday, extending its advance to about 30% this year. MSCI has said that Kuwait’s change from its current “frontier” status would happen after certain trading mechanisms were improved. The compiler will give a final decision on Wednesday after 11 p.m. Central European Time.
The stock exchange has made all the necessary changes to guarantee the lift, Chief Executive Officer Mohammad Al Osaimi told Bloomberg Television last month. The index performance this year suggests that investors are also confident. Mohamad Al Hajj, an equities strategist at EFG-Hermes Holding in Dubai, expects the country to become 0.8% of the MSCI Emerging Markets Index, leading to inflows by passive investors of about $3.8 billion.
As investors prepare for the upgrade, exchange-traded funds have become a way for foreigners to place bets. BlackRock Inc. filed this month for the registration of what would be the first Kuwait-focused ETF to trade in New York. In Europe, the HANetf KMEFIC FTSE Kuwait Equity UCITS ETF and the Invesco MSCI Kuwait UCITS ETF both launched this year, and have total assets of $43 million and $53 million, respectively.
#Dubai free zone to unveil new business rules on January 2 - Arabianbusiness
Dubai free zone to unveil new business rules on January 2 - Arabianbusiness:
Dubai Multi Commodities Centre (DMCC) has announced a set of new rules and regulations effective from January 2, 2020 to further enhance the ease of setting up and doing business in the free zone.
DMCC said the new regulations update its existing company law framework, providing greater flexibility and ease of operations for businesses registered within DMCC.
The new regulations also make it easier to set up a company in the region’s leading trade hub, reported state news agency WAM.
Key enhancements to the framework include increased flexibility around a company’s Articles of Association; introduction of different share types, allowing businesses to tailor the structure of shareholdings; a new dormant status has been introduced; and an increased ability to transfer company incorporation into DMCC.
Dubai Multi Commodities Centre (DMCC) has announced a set of new rules and regulations effective from January 2, 2020 to further enhance the ease of setting up and doing business in the free zone.
DMCC said the new regulations update its existing company law framework, providing greater flexibility and ease of operations for businesses registered within DMCC.
The new regulations also make it easier to set up a company in the region’s leading trade hub, reported state news agency WAM.
Key enhancements to the framework include increased flexibility around a company’s Articles of Association; introduction of different share types, allowing businesses to tailor the structure of shareholdings; a new dormant status has been introduced; and an increased ability to transfer company incorporation into DMCC.
Breakingviews - Aramco’s next stop will be bond, not stock, market - Reuters
Breakingviews - Aramco’s next stop will be bond, not stock, market - Reuters:
Saudi Arabia’s Plan A for its crown jewel hasn’t gone to plan. The kingdom’s original goal of selling 5% of energy giant Saudi Aramco in an initial public offering to foreign investors at a $2 trillion valuation got downsized to a 1.5% offload to largely domestic punters at $1.7 trillion. That implies Saudi’s Public Investment Fund might only get about a quarter of the $100 billion it originally envisaged to help diversify the country away from oil.
With the stock rising 10% on its debut, the obvious next step would be to flog more of it. Aramco’s prospectus allows it to sell more to sovereign wealth funds before the lockup period expires in a year. But foreign investors largely rejected the current valuation. Depressed demand will meanwhile keep a lid on crude prices and hence Aramco’s valuation next year, despite oil producers further cutting supply.
Crown Prince Mohammed bin Salman has other options to finance his Vision 2030 plan, though. In 2016, the Public Investment Fund received 100 billion riyals ($27 billion) from a raiding of the Saudi Arabian Monetary Authority’s $500 billion of foreign-exchange reserves. If the monarch raised the same again, the authority would still have enough cash to protect the riyal’s peg to the dollar. Meanwhile cash from Aramco’s recent $69 billion acquisition of a majority stake in chemicals group SABIC should start to flow into the public coffers. Assume another $25 billion is made available to the Public Investment Fund.
Saudi Arabia’s Plan A for its crown jewel hasn’t gone to plan. The kingdom’s original goal of selling 5% of energy giant Saudi Aramco in an initial public offering to foreign investors at a $2 trillion valuation got downsized to a 1.5% offload to largely domestic punters at $1.7 trillion. That implies Saudi’s Public Investment Fund might only get about a quarter of the $100 billion it originally envisaged to help diversify the country away from oil.
With the stock rising 10% on its debut, the obvious next step would be to flog more of it. Aramco’s prospectus allows it to sell more to sovereign wealth funds before the lockup period expires in a year. But foreign investors largely rejected the current valuation. Depressed demand will meanwhile keep a lid on crude prices and hence Aramco’s valuation next year, despite oil producers further cutting supply.
Crown Prince Mohammed bin Salman has other options to finance his Vision 2030 plan, though. In 2016, the Public Investment Fund received 100 billion riyals ($27 billion) from a raiding of the Saudi Arabian Monetary Authority’s $500 billion of foreign-exchange reserves. If the monarch raised the same again, the authority would still have enough cash to protect the riyal’s peg to the dollar. Meanwhile cash from Aramco’s recent $69 billion acquisition of a majority stake in chemicals group SABIC should start to flow into the public coffers. Assume another $25 billion is made available to the Public Investment Fund.
#SaudiArabia's crude exports rise 5.8% in October: JODI - Reuters
Saudi Arabia's crude exports rise 5.8% in October: JODI - Reuters:
Saudi Arabia’s crude oil exports in October rose 5.8% to 7.06 million barrels per day (bpd), from 6.67 million bpd in the previous month, official data showed on Wednesday.
The country’s total crude output climbed by 1.17 million bpd to 10.30 million bpd in October.
Crude stocks rose by 15.60 million bpd to 168.08 million bpd while domestic refinery crude throughput dipped by 387,000 bpd to a 34-month low of 2.20 million bpd, the data from the Joint Organisations Data Initiative (JODI) showed.
Saudi Energy Minister Prince Abdulaziz bin Salman had said the kingdom’s oil production would recover in October and November to levels above those seen before attacks on its energy installations in September.
Saudi Arabia’s crude oil exports in October rose 5.8% to 7.06 million barrels per day (bpd), from 6.67 million bpd in the previous month, official data showed on Wednesday.
The country’s total crude output climbed by 1.17 million bpd to 10.30 million bpd in October.
Crude stocks rose by 15.60 million bpd to 168.08 million bpd while domestic refinery crude throughput dipped by 387,000 bpd to a 34-month low of 2.20 million bpd, the data from the Joint Organisations Data Initiative (JODI) showed.
Saudi Energy Minister Prince Abdulaziz bin Salman had said the kingdom’s oil production would recover in October and November to levels above those seen before attacks on its energy installations in September.
MIDEAST STOCKS-Financials elevate most of Gulf, Egypt up again - Reuters
MIDEAST STOCKS-Financials elevate most of Gulf, Egypt up again - Reuters:
Major Gulf stocks rose on Wednesday,
mostly led by financials with Saudi extending gains for a fourth
straight session, while gains in blue-chips bolstered Egypt.
In Saudi, the index ended 0.7% higher, with National
Commercial Bank and Riyad Bank adding 3.8%
and 1.7%, respectively. They said they had ended preliminary
merger talks in separate stock exchange filings on Monday.
Saudi Aramco's shares meanwhile fell 2.8% to 36.7
riyals ($9.79) on the first day of their inclusion in the MSCI
emerging markets index.
The oil giant's shares were also included in the Saudi
Tadawul index on Wednesday and will join the FTSE global
benchmark on Thursday.
Major Gulf stocks rose on Wednesday,
mostly led by financials with Saudi extending gains for a fourth
straight session, while gains in blue-chips bolstered Egypt.
In Saudi, the index ended 0.7% higher, with National
Commercial Bank and Riyad Bank adding 3.8%
and 1.7%, respectively. They said they had ended preliminary
merger talks in separate stock exchange filings on Monday.
Saudi Aramco's shares meanwhile fell 2.8% to 36.7
riyals ($9.79) on the first day of their inclusion in the MSCI
emerging markets index.
The oil giant's shares were also included in the Saudi
Tadawul index on Wednesday and will join the FTSE global
benchmark on Thursday.
Where OPEC+ Oil Production Stands Now
Where OPEC+ Oil Production Stands Now:
November was a strong month for OPEC as the producer group and its allies neared completion of a third year of oil-supply cuts to prop up the market. It was also a reminder that a handful of countries haven’t necessarily been playing their part.
Just eight of the 21 countries participating in the curbs reduced output as agreed last month. While the Organization of Petroleum Exporting Countries achieved a 158% complia
November was a strong month for OPEC as the producer group and its allies neared completion of a third year of oil-supply cuts to prop up the market. It was also a reminder that a handful of countries haven’t necessarily been playing their part.
Just eight of the 21 countries participating in the curbs reduced output as agreed last month. While the Organization of Petroleum Exporting Countries achieved a 158% complia
Oil falls as U.S. inventories rise but demand hopes stem bigger drop - Reuters
Oil falls as U.S. inventories rise but demand hopes stem bigger drop - Reuters:
Oil prices fell on Wednesday after U.S. industry data showed a surprise build up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the U.S.-China trade row.
Brent crude futures LCOc1 dropped 41 cents, or 0.6%, to $65.69 a barrel by 0940 GMT on Wednesday. West Texas Intermediate (WTI) crude futures CLc1 fell 52 cents, or 0.9%, to $60.42 per barrel.
Prices had risen more than 1% in the previous session after the announcement last week of the so-called Phase One of a U.S.-China trade deal, which lifted global economic prospects and improved the outlook for energy demand.
“The sizzling oil market rally came to a grinding halt after an unexpected climb in the weekly U.S. crude inventory report,” said Stephen Innes, market strategist at AxiTrader, although he said figures for stocks were “unlikely to be a game-changer.”
Oil prices fell on Wednesday after U.S. industry data showed a surprise build up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the U.S.-China trade row.
Brent crude futures LCOc1 dropped 41 cents, or 0.6%, to $65.69 a barrel by 0940 GMT on Wednesday. West Texas Intermediate (WTI) crude futures CLc1 fell 52 cents, or 0.9%, to $60.42 per barrel.
Prices had risen more than 1% in the previous session after the announcement last week of the so-called Phase One of a U.S.-China trade deal, which lifted global economic prospects and improved the outlook for energy demand.
“The sizzling oil market rally came to a grinding halt after an unexpected climb in the weekly U.S. crude inventory report,” said Stephen Innes, market strategist at AxiTrader, although he said figures for stocks were “unlikely to be a game-changer.”
Meet Mariam Al Aqeel, the GCC's first female finance minister | ZAWYA MENA Edition
Meet Mariam Al Aqeel, the GCC's first female finance minister | ZAWYA MENA Edition:
Mariam Al-Aqeel is Kuwait's new finance minister and the first woman in the Gulf region to hold the post.
In her capacity as the finance minister, Al-Aqeel will also head Kuwait Investment Authority, the country’s sovereign wealth fund, state-run KUNA news agency said.
Mariam, who holds a bachelor’s degree in accounting from Kuwait University, has served as the Minister of State for Economic Affairs since December 2018, and has been appointed Acting Minister of Finance, effective 6 November 2019.
Previous finance minister Nayef Al Hajraf resigned as he was nominated by Kuwait as secretary-general of the six-member GCC, Saudi newspaper Asharq Al-Awsat reported.
Mariam Al-Aqeel is Kuwait's new finance minister and the first woman in the Gulf region to hold the post.
In her capacity as the finance minister, Al-Aqeel will also head Kuwait Investment Authority, the country’s sovereign wealth fund, state-run KUNA news agency said.
Mariam, who holds a bachelor’s degree in accounting from Kuwait University, has served as the Minister of State for Economic Affairs since December 2018, and has been appointed Acting Minister of Finance, effective 6 November 2019.
Previous finance minister Nayef Al Hajraf resigned as he was nominated by Kuwait as secretary-general of the six-member GCC, Saudi newspaper Asharq Al-Awsat reported.
Aramco shares dip on day of MSCI, Tadawul indices inclusion - Reuters
Aramco shares dip on day of MSCI, Tadawul indices inclusion - Reuters:
Saudi Aramco’s shares opened at 37.5 riyals ($10.00) on Wednesday, down 0.66% from Tuesday, on the first day of their inclusion into the MSCI emerging markets index, and shed further value in the first hour of trading, losing 2%.
The oil giant’s shares on Wednesday were also included into the Tadawul index, down 0.25% in early trade, with Aramco’s 12% weight following Al Rajhi Bank, which had the largest weighting at almost 14%.
State-owned Aramco listed on the Saudi exchange last week having raised $25.6 billion in the largest initial public offering (IPO) on record.
Saudi Aramco’s shares opened at 37.5 riyals ($10.00) on Wednesday, down 0.66% from Tuesday, on the first day of their inclusion into the MSCI emerging markets index, and shed further value in the first hour of trading, losing 2%.
The oil giant’s shares on Wednesday were also included into the Tadawul index, down 0.25% in early trade, with Aramco’s 12% weight following Al Rajhi Bank, which had the largest weighting at almost 14%.
State-owned Aramco listed on the Saudi exchange last week having raised $25.6 billion in the largest initial public offering (IPO) on record.
#Dubai Islamic Bank shareholders approve Noor Bank acquisition - Reuters
Dubai Islamic Bank shareholders approve Noor Bank acquisition - Reuters:
Dubai Islamic Bank (DISB.DU) (DIB), the United Arab Emirates’ largest sharia-compliant bank, said on Wednesday it had received shareholder approval for the acquisition of unlisted Dubai-based Noor Bank.
With the acquisition, DIB will become one of the largest Islamic banks in the world, with total assets worth 275 billion dirhams ($74.9 billion), from 230 billion dirhams as of the end of September.
The deal would “enhance Dubai’s position as the capital of Islamic economy by creating the region’s most progressive Shari’a banking group,” DIB said in a bourse filing.
Dubai Islamic Bank (DISB.DU) (DIB), the United Arab Emirates’ largest sharia-compliant bank, said on Wednesday it had received shareholder approval for the acquisition of unlisted Dubai-based Noor Bank.
With the acquisition, DIB will become one of the largest Islamic banks in the world, with total assets worth 275 billion dirhams ($74.9 billion), from 230 billion dirhams as of the end of September.
The deal would “enhance Dubai’s position as the capital of Islamic economy by creating the region’s most progressive Shari’a banking group,” DIB said in a bourse filing.
UPDATE 1- #UAE's NMC Health reaffirms outlook after Muddy Waters attack - Reuters
UPDATE 1-UAE's NMC Health reaffirms outlook after Muddy Waters attack - Reuters:
NMC Health Plc stood by its forecasts for 2019 and 2020 and announced a share buyback on Wednesday, seeking to reassure investors after a report from U.S. short-selling firm Muddy Waters wiped a third off the healthcare group’s market value.
The UAE-based company said it would look into the firm’s findings and provide a detailed response in due course, calling the criticism of its financial statements “baseless”.
The short seller on Tuesday questioned the value of NMC’s assets and cash balance as well as its reported profits and debts in a research note.
“NMC understands its regulatory disclosure obligations and has nothing to add to disclosures already made,” the company said in a statement.
NMC Health Plc stood by its forecasts for 2019 and 2020 and announced a share buyback on Wednesday, seeking to reassure investors after a report from U.S. short-selling firm Muddy Waters wiped a third off the healthcare group’s market value.
The UAE-based company said it would look into the firm’s findings and provide a detailed response in due course, calling the criticism of its financial statements “baseless”.
The short seller on Tuesday questioned the value of NMC’s assets and cash balance as well as its reported profits and debts in a research note.
“NMC understands its regulatory disclosure obligations and has nothing to add to disclosures already made,” the company said in a statement.
Exclusive: #SaudiArabia, #UAE swayed Russia for OPEC+ cuts at Abu Dhabi F1 race - Reuters
Exclusive: Saudi Arabia, UAE swayed Russia for OPEC+ cuts at Abu Dhabi F1 race - Reuters:
Saudi Arabia turned to its Gulf ally the United Arab Emirates when it needed help convincing Russia to sign on to deeper oil supply cuts at this month’s OPEC meeting.
The UAE’s de-facto ruler, Sheikh Mohammed bin Zayed, hosted crucial talks between Saudi Arabia and Russia in Abu Dhabi, where the three nations ironed out what would become one of the deepest supply cuts in a decade, four sources familiar with the negotiations told Reuters.
Details of the negotiations ahead of the official announcement of cuts by OPEC and non-OPEC producers on Dec. 6 have not been previously reported.
The UAE’s role in the talks marks a change from years past and highlights Russia’s rising clout in the region. Since Russia started cooperating with OPEC on supply agreements in 2016, Riyadh and Moscow have led oil supply decisions in advance of OPEC meetings without much involvement from other producers. This time, Riyadh wanted Abu Dhabi to help add pressure on Moscow to agree to the cuts, two sources said.
Saudi Arabia turned to its Gulf ally the United Arab Emirates when it needed help convincing Russia to sign on to deeper oil supply cuts at this month’s OPEC meeting.
The UAE’s de-facto ruler, Sheikh Mohammed bin Zayed, hosted crucial talks between Saudi Arabia and Russia in Abu Dhabi, where the three nations ironed out what would become one of the deepest supply cuts in a decade, four sources familiar with the negotiations told Reuters.
Details of the negotiations ahead of the official announcement of cuts by OPEC and non-OPEC producers on Dec. 6 have not been previously reported.
The UAE’s role in the talks marks a change from years past and highlights Russia’s rising clout in the region. Since Russia started cooperating with OPEC on supply agreements in 2016, Riyadh and Moscow have led oil supply decisions in advance of OPEC meetings without much involvement from other producers. This time, Riyadh wanted Abu Dhabi to help add pressure on Moscow to agree to the cuts, two sources said.
MIDEAST STOCKS-Petrochemicals aid #Saudi shares, #UAE up on financials - Reuters
MIDEAST STOCKS-Petrochemicals aid Saudi shares, UAE up on financials - Reuters:
Saudi Arabia’s stock market edged up on Wednesday, led by petrochemical shares, while gains in financials lifted Dubai and Abu Dhabi stocks.
In Saudi, the index edged up 0.1%, with Saudi Basic Industries gaining 1.6% and National Commercial Bank (NCB) adding 0.5%.
On Monday, NCB and Riyad Bank decided to end preliminary merger talks, the two said in separate stock exchange filings. Riyad Bank was up 0.9%.
However, Saudi Aramco’s shares were down 2.1%, at 37 riyals ($9.87), on the first day of their inclusion into the MSCI emerging markets index.
Saudi Arabia’s stock market edged up on Wednesday, led by petrochemical shares, while gains in financials lifted Dubai and Abu Dhabi stocks.
In Saudi, the index edged up 0.1%, with Saudi Basic Industries gaining 1.6% and National Commercial Bank (NCB) adding 0.5%.
On Monday, NCB and Riyad Bank decided to end preliminary merger talks, the two said in separate stock exchange filings. Riyad Bank was up 0.9%.
However, Saudi Aramco’s shares were down 2.1%, at 37 riyals ($9.87), on the first day of their inclusion into the MSCI emerging markets index.