Oil falls over 3% as virus cases mount and U.S. debate looms | Reuters:
Oil prices fell over 3% on Tuesday to their lowest in two weeks on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections.
Investors in stocks and commodities also remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday. .DJI.SPX
“Today’s lower trade generally followed declines in the equities,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
On its second to last day as the front-month, Brent LCOc1 futures for November delivery fell $1.40, or 3.3%, to settle at $41.03 a barrel, while the more active Brent contract for December LCOc2 fell 3.1% to settle at $41.56.
U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.31, or 3.2%, to settle at $39.29 per barrel.
Tuesday, 29 September 2020
World's first active sharia-compliant global equity ETF lists on London Stock Exchange - The National
World's first active sharia-compliant global equity ETF lists on London Stock Exchange - The National:
The world’s first actively managed global equity Sharia-compliant exchange traded fund (ETF) will list on the London Stock Exchange on Wednesday, as it looks to capture investor interest from the Middle East and UAE.
The ETF from UK financial services group Almalia aims to achieve capital growth over the medium to long by investing in companies with high returns on capital and low leverage. The asset management and investment screening – to ensure the product remains Sharia-compliant – will be supervised by Sanlam Investments UK, which oversees £5.3 billion in funds.
“The status quo in the ETF market has always been to track some sort of index but actively managed will allow us to outperform the MSCI Islamic Global Equity Index. Our long-term track record has demonstrated a significant outperformance over time,” Pieter Fourie, global head of equities at Sanlam, told The National. “The ability for an active manager to add value versus the global equity Islamic index is something the market needs – it’s an underserved market.”
ETFs are bought and sold like shares but typically operate as index-tracking funds, passively following a chosen index, such as the S&P 500 or a commodity like gold. The financial products come with zero upfront fee and annual charges as low as 0.07 per cent, giving investors more of a return as actively managed funds charge around 1.5 per cent to 2 per cent.
The world’s first actively managed global equity Sharia-compliant exchange traded fund (ETF) will list on the London Stock Exchange on Wednesday, as it looks to capture investor interest from the Middle East and UAE.
The ETF from UK financial services group Almalia aims to achieve capital growth over the medium to long by investing in companies with high returns on capital and low leverage. The asset management and investment screening – to ensure the product remains Sharia-compliant – will be supervised by Sanlam Investments UK, which oversees £5.3 billion in funds.
“The status quo in the ETF market has always been to track some sort of index but actively managed will allow us to outperform the MSCI Islamic Global Equity Index. Our long-term track record has demonstrated a significant outperformance over time,” Pieter Fourie, global head of equities at Sanlam, told The National. “The ability for an active manager to add value versus the global equity Islamic index is something the market needs – it’s an underserved market.”
ETFs are bought and sold like shares but typically operate as index-tracking funds, passively following a chosen index, such as the S&P 500 or a commodity like gold. The financial products come with zero upfront fee and annual charges as low as 0.07 per cent, giving investors more of a return as actively managed funds charge around 1.5 per cent to 2 per cent.
#Dubai Financial Market to launch derivatives platform in October | Markets – Gulf News
Dubai Financial Market to launch derivatives platform in October | Markets – Gulf News:
UAE stock investors can trade on a new 'equity derivatives platform' on DFM from next month. The stock exchange operator, Dubai Financial Market, is in the final stages of preparation for the new platform, in tandem with Nasdaq Dubai, Dubai Clear and leading brokerage houses.
The platform will introduce equity futures contracts on single stocks with tenures of one-, two- and three months. The inaugural contracts will include five of the most liquid equities on DFM - Emaar Properties, Dubai Islamic Bank, Emirates NBD, Emaar Development and Emaar Malls.
The move is part of DFM's efforts to diversify product offerings and attract further investments. This will enable investors to diversify and hedge their portfolios and access leverage.
UAE stock investors can trade on a new 'equity derivatives platform' on DFM from next month. The stock exchange operator, Dubai Financial Market, is in the final stages of preparation for the new platform, in tandem with Nasdaq Dubai, Dubai Clear and leading brokerage houses.
The platform will introduce equity futures contracts on single stocks with tenures of one-, two- and three months. The inaugural contracts will include five of the most liquid equities on DFM - Emaar Properties, Dubai Islamic Bank, Emirates NBD, Emaar Development and Emaar Malls.
The move is part of DFM's efforts to diversify product offerings and attract further investments. This will enable investors to diversify and hedge their portfolios and access leverage.
Kuwaiti stocks plunge, dinar down in forward market as emir dies | Reuters
Kuwaiti stocks plunge, dinar down in forward market as emir dies | Reuters:
The Kuwaiti dinar fell against the U.S. dollar in the forward market on Tuesday and Kuwaiti stocks plunged as officials announced that the ruling Emir Sheikh Sabah al-Ahmad al-Sabah had died.
The Kuwaiti dinar fell against the U.S. dollar in the forward market on Tuesday and Kuwaiti stocks plunged as officials announced that the ruling Emir Sheikh Sabah al-Ahmad al-Sabah had died.
 |
| FILE PHOTO: Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah addresses a joint news conference with U.S. President Donald Trump in the East Room of the White House in Washington, U.S., September 7, 2017. REUTERS/Kevin Lamarque |
Sheikh Sabah, 91, had ruled the oil-producing Gulf Arab country since 2006. His designated successor is his brother, Crown Prince Sheikh Nawaf al-Ahmad al-Sabah.
Kuwaiti stocks were hit hard on Tuesday with the benchmark premier index .BKP retreating 2.2%, its biggest intraday fall since April, ahead of the official announcement of the emir's death.
Three-month dollar/Kuwaiti dinar forwards jumped as high as 84 points, a nearly four-month high, according to Refinitiv data.
Kuwait’s outstanding U.S. dollar-denominated bonds, however, were relatively stable.
Kuwaiti stocks were hit hard on Tuesday with the benchmark premier index .BKP retreating 2.2%, its biggest intraday fall since April, ahead of the official announcement of the emir's death.
Three-month dollar/Kuwaiti dinar forwards jumped as high as 84 points, a nearly four-month high, according to Refinitiv data.
Kuwait’s outstanding U.S. dollar-denominated bonds, however, were relatively stable.
#Israel Seeks 100,000 #UAE Tourists a Year After Landmark Pact - Bloomberg
Israel Seeks 100,000 UAE Tourists a Year After Landmark Pact - Bloomberg:
Israel seeks to attract as many as 100,000 tourists a year from the United Arab Emirates, a new market that’s opened up following the normalization accord the countries signed this month.
It sees the pool of visitors coming from both UAE citizens and foreigners living there, according to a report prepared by the Tourism Ministry. The target refers to the period after the coronavirus pandemic, and would follow several years with more modest goals.
Israel and the UAE have been exploring business opportunities since deciding to normalize relations, with new cooperation pacts signed in sectors ranging from banking to mobile phone services. Saudi Arabia has granted overfly rights to flights between Israel and the UAE, reducing travel time to about three hours.
Israel’s attractions include its proximity and Muslim religious sites, while security concerns and relatively low value for money at hotels are among its drawbacks. In addition, travelers may be required to obtain visas, an issue that still hasn’t been decided.
Israel seeks to attract as many as 100,000 tourists a year from the United Arab Emirates, a new market that’s opened up following the normalization accord the countries signed this month.
It sees the pool of visitors coming from both UAE citizens and foreigners living there, according to a report prepared by the Tourism Ministry. The target refers to the period after the coronavirus pandemic, and would follow several years with more modest goals.
Israel and the UAE have been exploring business opportunities since deciding to normalize relations, with new cooperation pacts signed in sectors ranging from banking to mobile phone services. Saudi Arabia has granted overfly rights to flights between Israel and the UAE, reducing travel time to about three hours.
Israel’s attractions include its proximity and Muslim religious sites, while security concerns and relatively low value for money at hotels are among its drawbacks. In addition, travelers may be required to obtain visas, an issue that still hasn’t been decided.
Credit Suisse Cutting Jobs in Middle East in Wealth Overhaul - Bloomberg
Credit Suisse Cutting Jobs in Middle East in Wealth Overhaul - Bloomberg:
Credit Suisse Group AG is laying off about 20 people in the Middle East as it restructures wealth management activities in the region, according to people familiar with the matter.
The job cuts -- focused on Dubai -- follow the decision to incorporate the business that deals with non-resident Indian and Africa clients under Middle East head Bruno Daher, the people said, asking not to be identified because the plans are private. Raj Sehgal, former head of that unit, is now the chairman of NRI and Africa.
“We are committed to the non-resident Indian segment, and in order to further accelerate growth, we are bringing the operations in the broader Middle East and Africa region under one single leadership,” a bank spokeswoman said in an emailed statement. She declined to comment on the job cuts.
Chief Executive Officer Thomas Gottstein announced his first major revamp of the Swiss lender at the end of July, simplifying the bank’s structure. Credit Suisse is merging its advisory and its trading business into a single division led by global markets head Brian Chin, while plans to cut as many as 500 jobs in Switzerland were also disclosed last month.
Credit Suisse Group AG is laying off about 20 people in the Middle East as it restructures wealth management activities in the region, according to people familiar with the matter.
The job cuts -- focused on Dubai -- follow the decision to incorporate the business that deals with non-resident Indian and Africa clients under Middle East head Bruno Daher, the people said, asking not to be identified because the plans are private. Raj Sehgal, former head of that unit, is now the chairman of NRI and Africa.
“We are committed to the non-resident Indian segment, and in order to further accelerate growth, we are bringing the operations in the broader Middle East and Africa region under one single leadership,” a bank spokeswoman said in an emailed statement. She declined to comment on the job cuts.
Chief Executive Officer Thomas Gottstein announced his first major revamp of the Swiss lender at the end of July, simplifying the bank’s structure. Credit Suisse is merging its advisory and its trading business into a single division led by global markets head Brian Chin, while plans to cut as many as 500 jobs in Switzerland were also disclosed last month.
MIDEAST STOCKS- #Kuwait leads most of Gulf lower as financials drag | Nasdaq
MIDEAST STOCKS-Kuwait leads most of Gulf lower as financials drag | Nasdaq:
Most bourses in the Gulf ended lower on Tuesday, hurt by their financial shares, with Kuwait hardest hit as investors shunned stocks across the board.
In Kuwait, the index .BKP retreated 2.2%, its biggest intraday fall since April, dragged down by a 2.4% drop in Kuwait Finance House KFH.KW.
Saudi Arabia's benchmark index .TASI lost 0.6%, with oil giant Saudi Aramco 2222.SE falling 1% and Al Rajhi Bank 1120.SE dropping 0.6%.
But, Mobile Telecommunications Company Saudi Arabia (Zain KSA) 7030.SE jumped 7.8%, after it raised a 6-billion-riyal ($1.60 billion) loan to refinance existing debt and secure access to additional liquidity to support growth, the telecoms firm said in a bourse filing.
Dubai's main share index .DFMGI gave up early gains to closed down 0.4%, pressured by a 1.9% fall in Emirates NBD Bank ENBD.DU and a 0.7% decrease in blue-chip developer Emaar Properties EMAR.DU.
However, the index's losses were capped by gains at logistic firm Aramex ARMX.DU.
On Monday, Aramex ended two sessions of losses triggered when the logistics firm confirmed last week that a portion of its warehouse facility in Morocco had been damaged in a fire.
The Abu Dhabi index .ADI edged up 0.1%, helped by a 0.4% rise in the United Arab Emirates' largest lender First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI added 0.3%, with United Development Company UDCD.QA jumping 5.4%.
Most bourses in the Gulf ended lower on Tuesday, hurt by their financial shares, with Kuwait hardest hit as investors shunned stocks across the board.
In Kuwait, the index .BKP retreated 2.2%, its biggest intraday fall since April, dragged down by a 2.4% drop in Kuwait Finance House KFH.KW.
Saudi Arabia's benchmark index .TASI lost 0.6%, with oil giant Saudi Aramco 2222.SE falling 1% and Al Rajhi Bank 1120.SE dropping 0.6%.
But, Mobile Telecommunications Company Saudi Arabia (Zain KSA) 7030.SE jumped 7.8%, after it raised a 6-billion-riyal ($1.60 billion) loan to refinance existing debt and secure access to additional liquidity to support growth, the telecoms firm said in a bourse filing.
Dubai's main share index .DFMGI gave up early gains to closed down 0.4%, pressured by a 1.9% fall in Emirates NBD Bank ENBD.DU and a 0.7% decrease in blue-chip developer Emaar Properties EMAR.DU.
However, the index's losses were capped by gains at logistic firm Aramex ARMX.DU.
On Monday, Aramex ended two sessions of losses triggered when the logistics firm confirmed last week that a portion of its warehouse facility in Morocco had been damaged in a fire.
The Abu Dhabi index .ADI edged up 0.1%, helped by a 0.4% rise in the United Arab Emirates' largest lender First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI added 0.3%, with United Development Company UDCD.QA jumping 5.4%.
Inside the airline industry's meltdown | World news | The Guardian
Inside the airline industry's meltdown | World news | The Guardian:
When an airline no longer wants a plane, it is sent away to a boneyard, a storage facility where it sits outdoors on a paved lot, wingtip to wingtip with other unwanted planes. From the air, the planes look like the bleached remains of some long-forgotten skeleton. Europe’s biggest boneyard is built on the site of a late-30s airfield in Teruel, in eastern Spain, where the dry climate is kind to metallic airframes. Many planes are here for short-term storage, biding their time while they change owners or undergo maintenance. If their future is less clear, they enter long-term storage. Sometimes a plane’s limbo ends when it is taken apart, its body rendered efficiently down into spare parts and recycled metal.
Read more
In February, Patrick Lecer, the CEO of Tarmac Aerosave, the company that owns the Teruel boneyard and three others in France, had one eye cocked towards China. Lecer has been in aviation long enough to remember flights being grounded during the Sars epidemic in 2003. This year, when the coronavirus spread beyond Asia, he knew what was coming. “We started making space in our sites, playing Tetris with the aircraft to free up two or three or four more spaces in each,” he told me.
By late March, after the US shut its skies to Europe, planes began streaming into Tarmac Aerosave’s boneyards. No one knew if they were going into short-term residency or long-term storage. On one day alone, 3 April, the Teruel boneyard received five Boeing 747s and two Boeing 777s. Throughout the next few weeks, planes arrived from Lufthansa, Air France, Etihad and British Airways. Before the pandemic, there were 78 aircraft at Teruel. By June, there were 114, running near the full capacity of 120-130. Patrick Lecer’s other three boneyards were also “close to saturation”, he told me in July. He sounded grave. He had just spent two hours on the phone with an airline that wanted him to house another 30 planes. “I’ve been in this business almost 40 years, and I’ve never seen anything like this. The mood is bad. It feels like a tragedy.”
When an airline no longer wants a plane, it is sent away to a boneyard, a storage facility where it sits outdoors on a paved lot, wingtip to wingtip with other unwanted planes. From the air, the planes look like the bleached remains of some long-forgotten skeleton. Europe’s biggest boneyard is built on the site of a late-30s airfield in Teruel, in eastern Spain, where the dry climate is kind to metallic airframes. Many planes are here for short-term storage, biding their time while they change owners or undergo maintenance. If their future is less clear, they enter long-term storage. Sometimes a plane’s limbo ends when it is taken apart, its body rendered efficiently down into spare parts and recycled metal.
Read more
In February, Patrick Lecer, the CEO of Tarmac Aerosave, the company that owns the Teruel boneyard and three others in France, had one eye cocked towards China. Lecer has been in aviation long enough to remember flights being grounded during the Sars epidemic in 2003. This year, when the coronavirus spread beyond Asia, he knew what was coming. “We started making space in our sites, playing Tetris with the aircraft to free up two or three or four more spaces in each,” he told me.
By late March, after the US shut its skies to Europe, planes began streaming into Tarmac Aerosave’s boneyards. No one knew if they were going into short-term residency or long-term storage. On one day alone, 3 April, the Teruel boneyard received five Boeing 747s and two Boeing 777s. Throughout the next few weeks, planes arrived from Lufthansa, Air France, Etihad and British Airways. Before the pandemic, there were 78 aircraft at Teruel. By June, there were 114, running near the full capacity of 120-130. Patrick Lecer’s other three boneyards were also “close to saturation”, he told me in July. He sounded grave. He had just spent two hours on the phone with an airline that wanted him to house another 30 planes. “I’ve been in this business almost 40 years, and I’ve never seen anything like this. The mood is bad. It feels like a tragedy.”
ADNOC and Apollo-led consortium close $5.5 billion real estate investment partnership | Reuters
ADNOC and Apollo-led consortium close $5.5 billion real estate investment partnership | Reuters:
The Abu Dhabi National Oil Company (ADNOC) said on Tuesday it closed its $5.5 billion real estate investment partnership with entities owned and/or advised by Apollo Global Management Inc APO.N subsidiaries and a group of institutional investors.
The closing takes the combined investment in select ADNOC real estate assets by the investor consortium to $2.7 billion, the company said in a statement.
The Apollo-led consortium collectively holds a 49% stake in Abu Dhabi Properly Leasing Holding Company RSC Limited (ADPLHC). ADNOC retains a 51% majority stake, according to the statement.
The Abu Dhabi National Oil Company (ADNOC) said on Tuesday it closed its $5.5 billion real estate investment partnership with entities owned and/or advised by Apollo Global Management Inc APO.N subsidiaries and a group of institutional investors.
The closing takes the combined investment in select ADNOC real estate assets by the investor consortium to $2.7 billion, the company said in a statement.
The Apollo-led consortium collectively holds a 49% stake in Abu Dhabi Properly Leasing Holding Company RSC Limited (ADPLHC). ADNOC retains a 51% majority stake, according to the statement.
'Lingering oversupply' to impact #Dubai real estate recovery: S&P | ZAWYA MENA Edition
'Lingering oversupply' to impact Dubai real estate recovery: S&P | ZAWYA MENA Edition:
Almost every sector of the Dubai real estate market, including properties and office spaces, will continue to be impacted by the 'lingering oversupply', which was in place much before the pandemic, affecting sales and revenues of developers, global ratings agency S&P said.
"Even before pandemic, we had lingering oversupply in the real estate sector in preparation for the Expo 2020. Now, developers are under significant pressure because residential prices are lower by 11 - 12 percent and more owners have to roll out rent relief measures. This will continue to impact their topline for a while," Sapna Jagtiani, director for corporate ratings, told a virtual audience at a conference on Tuesday.
According to S&P, the commercial real estate sector will witness some rationalisation in terms of occupancies and rental measures and lot of it has to do with the inherent oversupply, which was there even before the coronavirus pandemic. However, it would take a few quarters before the extend of the impact is visible.
"We are seeing lot of rental pressure in commercial space. Occupancy rates will come down and vacancy rates will go up. But it might take a while. It's not easy to shut down offices unless the businesses are going bust. It will take a few quarters before costs are rationalised by companies and they make big decisions such as working from home and letting go of spaces," Jagtiani said.
Almost every sector of the Dubai real estate market, including properties and office spaces, will continue to be impacted by the 'lingering oversupply', which was in place much before the pandemic, affecting sales and revenues of developers, global ratings agency S&P said.
"Even before pandemic, we had lingering oversupply in the real estate sector in preparation for the Expo 2020. Now, developers are under significant pressure because residential prices are lower by 11 - 12 percent and more owners have to roll out rent relief measures. This will continue to impact their topline for a while," Sapna Jagtiani, director for corporate ratings, told a virtual audience at a conference on Tuesday.
According to S&P, the commercial real estate sector will witness some rationalisation in terms of occupancies and rental measures and lot of it has to do with the inherent oversupply, which was there even before the coronavirus pandemic. However, it would take a few quarters before the extend of the impact is visible.
"We are seeing lot of rental pressure in commercial space. Occupancy rates will come down and vacancy rates will go up. But it might take a while. It's not easy to shut down offices unless the businesses are going bust. It will take a few quarters before costs are rationalised by companies and they make big decisions such as working from home and letting go of spaces," Jagtiani said.
#Oman's new sultan quietly makes his mark as challenges loom
Oman's new sultan quietly makes his mark as challenges loom:
When Oman’s ruler of a half century died without an heir apparent, brief fears of turmoil ended with the quick announcement of a new sultan in this nation on the eastern edge of the Arabian Peninsula.
But instead of the military rulers whose arrivals come with martial music and whose ends often accompany times of trouble in the Mideast, Oman ended up with the culture minister.
That Oman followed its own distinctive, uncommon path after the death of Sultan Qaboos bin Said represents perhaps the best testament to his rule over a nation he brought out of the isolationist obscurity imposed by his father and modernized with its oil wealth.
His successor, Sultan Haitham bin Tariq, has followed his example in establishing his rule over this country of 2.7 million Omanis and another 1.7 million foreigners as the coronavirus pandemic closed off the sultanate. The outside world and internal challenges, however, are preparing to come crashing in.
When Oman’s ruler of a half century died without an heir apparent, brief fears of turmoil ended with the quick announcement of a new sultan in this nation on the eastern edge of the Arabian Peninsula.
But instead of the military rulers whose arrivals come with martial music and whose ends often accompany times of trouble in the Mideast, Oman ended up with the culture minister.
That Oman followed its own distinctive, uncommon path after the death of Sultan Qaboos bin Said represents perhaps the best testament to his rule over a nation he brought out of the isolationist obscurity imposed by his father and modernized with its oil wealth.
His successor, Sultan Haitham bin Tariq, has followed his example in establishing his rule over this country of 2.7 million Omanis and another 1.7 million foreigners as the coronavirus pandemic closed off the sultanate. The outside world and internal challenges, however, are preparing to come crashing in.
Zain #Saudi raises $1.6 billion Islamic loan | Reuters
Zain Saudi raises $1.6 billion Islamic loan | Reuters:
Mobile Telecommunications Company Saudi Arabia (Zain KSA) has raised a 6 billion riyals ($1.60 billion) loan to refinance existing debt and secure access to additional liquidity to support growth, it said in a bourse filing.
The Islamic loan, with a murabaha structure, refinances until 2025 an existing debt facility with an outstanding amount of 3.85 billion riyals.
The new debt package has a two-year grace period and better commercial terms, said the company, which is 37% owned by Kuwait’s Zain Group.
On Sept. 30, “the company will drawdown only the outstanding amount of the existing agreement (3.85 billion riyals) and will withdraw the remaining amount as per the company business requirements,” it said.
Mobile Telecommunications Company Saudi Arabia (Zain KSA) has raised a 6 billion riyals ($1.60 billion) loan to refinance existing debt and secure access to additional liquidity to support growth, it said in a bourse filing.
The Islamic loan, with a murabaha structure, refinances until 2025 an existing debt facility with an outstanding amount of 3.85 billion riyals.
The new debt package has a two-year grace period and better commercial terms, said the company, which is 37% owned by Kuwait’s Zain Group.
On Sept. 30, “the company will drawdown only the outstanding amount of the existing agreement (3.85 billion riyals) and will withdraw the remaining amount as per the company business requirements,” it said.
Oil falls as virus count mounts, U.S. debate looms | Reuters
Oil falls as virus count mounts, U.S. debate looms | Reuters:
Oil prices fell on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and investors were cautious ahead of the first U.S. presidential debate.
Brent's November contract LCOc1, which expires on Wednesday, fell 11 cents, or 0.3%, to $42.32 per barrel by 1023 GMT. The more-active Brent crude for December LCOc2 fell 12 cents, or 0.3%, to $42.75 a barrel.
U.S. West Texas Intermediate (WTI) crude CLc1 fell 13 cents, or 0.3%, to $40.47 a barrel.
More than one million people have died of COVID-19 worldwide as of Tuesday, according to a Reuters tally, a bleak milestone in a pandemic that has devastated the global economy and fuel demand.
Oil prices fell on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and investors were cautious ahead of the first U.S. presidential debate.
Brent's November contract LCOc1, which expires on Wednesday, fell 11 cents, or 0.3%, to $42.32 per barrel by 1023 GMT. The more-active Brent crude for December LCOc2 fell 12 cents, or 0.3%, to $42.75 a barrel.
U.S. West Texas Intermediate (WTI) crude CLc1 fell 13 cents, or 0.3%, to $40.47 a barrel.
More than one million people have died of COVID-19 worldwide as of Tuesday, according to a Reuters tally, a bleak milestone in a pandemic that has devastated the global economy and fuel demand.
MIDEAST STOCKS-Major Gulf bourses gain in early trade, led by financial stocks | Nasdaq
MIDEAST STOCKS-Major Gulf bourses gain in early trade, led by financial stocks | Nasdaq:
Major stock markets in the Gulf rose in early trade on Tuesday, led by advances in financial shares, with Qatar on track to extend gains for a fourth straight session.
Saudi Arabia's benchmark index .TASI rose 0.3%, with Saudi Telecom Company 7010.SE rising 0.8% and Banque Saudi Fransi 1050.SE up 0.9%.
Credit Agricole CAGR.PA sold its remaining 4% stake in Banque Saudi Fransi to two Saudi government-related institutional investors in a deal worth 1.45 billion riyals ($387 million), the French bank said on Monday.
Elsewhere, Mobile Telecommunications Company Saudi Arabia (Zain KSA) 7030.SE gained 1.1%.
The telecoms firm raised a 6-billion-riyal ($1.6 billion) loan to refinance existing debt and secure access to additional liquidity to support growth, it said in a bourse filing.
Dubai's main share index .DFMGI added 0.4%, driven by a 1.2% gain in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 2.8% jump in logistic firm Aramex ARMX.DU.
On Monday, Aramex ended two sessions of losses triggered when the logistics firm confirmed last week that a portion of its warehouse facility in Morocco had been damaged in a fire.
The Abu Dhabi index .ADI gained 0.3%, helped by a 0.5%increase in the country's largest lender First Abu Dhabi Bank FAB.AD and a 0.9% rise in Abu Dhabi Commercial Bank ADCB.AD.
In Qatar, the index .QSI was up 0.7%, with Qatar National Bank QNBK.QA up 2.2%.
Major stock markets in the Gulf rose in early trade on Tuesday, led by advances in financial shares, with Qatar on track to extend gains for a fourth straight session.
Saudi Arabia's benchmark index .TASI rose 0.3%, with Saudi Telecom Company 7010.SE rising 0.8% and Banque Saudi Fransi 1050.SE up 0.9%.
Credit Agricole CAGR.PA sold its remaining 4% stake in Banque Saudi Fransi to two Saudi government-related institutional investors in a deal worth 1.45 billion riyals ($387 million), the French bank said on Monday.
Elsewhere, Mobile Telecommunications Company Saudi Arabia (Zain KSA) 7030.SE gained 1.1%.
The telecoms firm raised a 6-billion-riyal ($1.6 billion) loan to refinance existing debt and secure access to additional liquidity to support growth, it said in a bourse filing.
Dubai's main share index .DFMGI added 0.4%, driven by a 1.2% gain in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 2.8% jump in logistic firm Aramex ARMX.DU.
On Monday, Aramex ended two sessions of losses triggered when the logistics firm confirmed last week that a portion of its warehouse facility in Morocco had been damaged in a fire.
The Abu Dhabi index .ADI gained 0.3%, helped by a 0.5%increase in the country's largest lender First Abu Dhabi Bank FAB.AD and a 0.9% rise in Abu Dhabi Commercial Bank ADCB.AD.
In Qatar, the index .QSI was up 0.7%, with Qatar National Bank QNBK.QA up 2.2%.