Oil rises 4% after Trump falsely claims victory in tight U.S. election | Reuters
Oil prices rose nearly 4% on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and after data showed a large decline in U.S. crude inventories.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led oil production cuts to support prices.
A contested result and prolonged uncertainty is seen as the most bearish outcome for oil and markets in general, while a win for Joe Biden would be seen as bearish to neutral because of his support for green policies and softer stance on Iran.
West Texas Intermediate CLc1 ended the session up $1.49, or 4%, at $39.15 a barrel, while Brent crude LCOc1 settled up $1.52, or 3.8%, at $41.23 a barrel.
Both benchmarks extended gains to session highs after data showed U.S. crude inventories fell 8 million barrels last week as Hurricane Zeta forced production declines in the Gulf of Mexico during the period.
Wednesday 4 November 2020
#SaudiArabia pledges more rights for foreign workers | Financial Times
Saudi Arabia pledges more rights for foreign workers | Financial Times
Saudi Arabia is to allow 10m expatriate workers to change jobs and leave the country without their employers’ permission, as it seeks to modernise its controversial kafala system, diversify the oil-reliant economy and create more jobs for Saudi nationals.
Saudi Arabia is to allow 10m expatriate workers to change jobs and leave the country without their employers’ permission, as it seeks to modernise its controversial kafala system, diversify the oil-reliant economy and create more jobs for Saudi nationals.
Since the kingdom discovered oil in the 1930s, it has been reliant on foreign labour, from western engineers who helped found the hydrocarbons industry to millions of low-income labourers manning the construction boom triggered by those oil riches.
But to date, overseas workers have been tied to their sponsor, who is responsible for their legal status in a system known regionally as kafala. Rights groups have criticised this system as akin to indentured labour and say it leaves workers vulnerable to abuse.
From March 2021, foreigners, who make up a third of the population, will be able to move jobs and secure exit visas electronically without the prior approval of their employers, the Ministry of Human Resources and Social Development announced on Wednesday.
#Dubai Aerospace posts 36% drop in profit for first nine months of 2020 | Aviation – Gulf News
Dubai Aerospace posts 36% drop in profit for first nine months of 2020 | Aviation – Gulf News
Dubai Aerospace Enterprise (DAE) reported a 36 per cent fall in profit for the nine months ended September 30, 2020. Net income dropped to $167.3 million (Dh614.49 million) during the period, compared to $260.5 million (Dh956.82 million), a year earlier.
Total revenue fell to $984.1 million (Dh3.6 billion) from about $1.1 billion (Dh4.4 billion) last year.
“The third quarter of 2020 was characterized by excellent new business origination, strong capitalization, robust liquidity and continuing efforts to assist our clients in this difficult operating environment,” said Firoz Tarapore, DAE’s CEO, in a statement on Wednesday.
DAE signed agreements to acquire 31 aircraft with a total value of about $1.1 billion, of which about $200 million was booked in the third quarter. The remainder will be booked in the fourth quarter and the next year.
Dubai Aerospace Enterprise (DAE) reported a 36 per cent fall in profit for the nine months ended September 30, 2020. Net income dropped to $167.3 million (Dh614.49 million) during the period, compared to $260.5 million (Dh956.82 million), a year earlier.
Total revenue fell to $984.1 million (Dh3.6 billion) from about $1.1 billion (Dh4.4 billion) last year.
“The third quarter of 2020 was characterized by excellent new business origination, strong capitalization, robust liquidity and continuing efforts to assist our clients in this difficult operating environment,” said Firoz Tarapore, DAE’s CEO, in a statement on Wednesday.
DAE signed agreements to acquire 31 aircraft with a total value of about $1.1 billion, of which about $200 million was booked in the third quarter. The remainder will be booked in the fourth quarter and the next year.
Mideast Stocks: #Saudi bourse leads most Gulf markets higher | ZAWYA MENA Edition
Mideast Stocks: Saudi bourse leads most Gulf markets higher | ZAWYA MENA Edition
Most Middle Eastern Markets ended higher on Wednesday mirroring gains in oil prices, after President Donald Trump falsely claimed victory in a tight U.S. election that proved far closer than polls had predicted.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices.
Brent crude was up by 1.02 cents, or 2.50%, at $40.73 by 1242 GMT.
Saudi Arabia's benchmark index advanced 1.1%, boosted by a 2.9% rise in Samba Financial Group1090.SE and a 0.7% increase in oil giant Saudi Aramco.
Aramco, the world's top oil producing company, on Tuesday reported a net profit of 44.21 billion riyals ($11.79 billion) for the three months ended Sept. 30, in line with an analysts' estimate provided by Refinitiv. Y
Dubai's main share index rose 0.7%, sharia-compliant lender Dubai Islamic Bank climbed 1.8%, and Emirates NBD Bank was up 1%.
The bank confirmed on Tuesday it was in discussions with Lebanon's Blom Bank regarding the potential acquisition of Blom Bank Egypt.
In Abu Dhabi, the index gained 0.9%, led by a 3.8% jump in International Holding .
Last week, the aquaculture company reported a net profit of 958.9 million dirhams ($261.08 million) in the third quarter, up from 16.6 million dirhams a year earlier.
The Qatari index inched up 0.3%, supported by a 1.5% gain in Qatar Fuel Co.
The Gulf state's budget will be drawn up on the assumption of an oil price of $40 a barrel to shield the gas-rich Gulf country from oil price volatility, Qatar's Emir said on Tuesday.
Outside the Gulf, Egypt's blue-chip index closed up 0.4%, led by a 0.2% rise in top lender Commercial International Bank .
Most Middle Eastern Markets ended higher on Wednesday mirroring gains in oil prices, after President Donald Trump falsely claimed victory in a tight U.S. election that proved far closer than polls had predicted.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices.
Brent crude was up by 1.02 cents, or 2.50%, at $40.73 by 1242 GMT.
Saudi Arabia's benchmark index advanced 1.1%, boosted by a 2.9% rise in Samba Financial Group1090.SE and a 0.7% increase in oil giant Saudi Aramco.
Aramco, the world's top oil producing company, on Tuesday reported a net profit of 44.21 billion riyals ($11.79 billion) for the three months ended Sept. 30, in line with an analysts' estimate provided by Refinitiv. Y
Dubai's main share index rose 0.7%, sharia-compliant lender Dubai Islamic Bank climbed 1.8%, and Emirates NBD Bank was up 1%.
The bank confirmed on Tuesday it was in discussions with Lebanon's Blom Bank regarding the potential acquisition of Blom Bank Egypt.
In Abu Dhabi, the index gained 0.9%, led by a 3.8% jump in International Holding .
Last week, the aquaculture company reported a net profit of 958.9 million dirhams ($261.08 million) in the third quarter, up from 16.6 million dirhams a year earlier.
The Qatari index inched up 0.3%, supported by a 1.5% gain in Qatar Fuel Co.
The Gulf state's budget will be drawn up on the assumption of an oil price of $40 a barrel to shield the gas-rich Gulf country from oil price volatility, Qatar's Emir said on Tuesday.
Outside the Gulf, Egypt's blue-chip index closed up 0.4%, led by a 0.2% rise in top lender Commercial International Bank .
#Dubai's DFSA enforcement action against private equity Al Masah upheld | ZAWYA MENA Edition
Dubai's DFSA enforcement action against private equity Al Masah upheld | ZAWYA MENA Edition
The Financial Markets Tribunal (FMT), a specialist independent tribunal, has affirmed a decision by the Dubai Financial Services Authority (DFSA) to take enforcement action against two firms and three individuals for unauthorised financial services activities and making misleading and deceptive statements.
The firms are Al Masah Capital Limited, a Cayman Islands registered company now in liquidation and Al Masah Capital Management Limited, a DFSA Authorised firm, also now in liquidation. The three individuals are Shailesh Dash, Nrupaditya Singhdeo and Don Lim Jung Chiat, DFSA said in a statement.
The FMT imposed financial penalties on all five:
$3,000,000 (AED 11,010,000) on Al Masah Capital (AMC);
$1,500,000 (AED 5,505,000) on Al Masah Capital Management Limited (AMCML);
$225,000 (AED 825,750) on Dash;
$175,000 (AED 642,250) on Singhdeo
$150,000 (AED 550,500) on Lim.
In May, DFSA announced that it has imposed $4.5 million in fines against the two entities at the Dubai International Financial Centre (DIFC) for breaches of the authority’s legislation between August 2010 and June 2016. According to the DFSA, Al Masah Capital Limited, carried on unauthorized financial services in the DIFC, such as managing a collective investment fund and arranging deals in investments.
The Financial Markets Tribunal (FMT), a specialist independent tribunal, has affirmed a decision by the Dubai Financial Services Authority (DFSA) to take enforcement action against two firms and three individuals for unauthorised financial services activities and making misleading and deceptive statements.
The firms are Al Masah Capital Limited, a Cayman Islands registered company now in liquidation and Al Masah Capital Management Limited, a DFSA Authorised firm, also now in liquidation. The three individuals are Shailesh Dash, Nrupaditya Singhdeo and Don Lim Jung Chiat, DFSA said in a statement.
The FMT imposed financial penalties on all five:
$3,000,000 (AED 11,010,000) on Al Masah Capital (AMC);
$1,500,000 (AED 5,505,000) on Al Masah Capital Management Limited (AMCML);
$225,000 (AED 825,750) on Dash;
$175,000 (AED 642,250) on Singhdeo
$150,000 (AED 550,500) on Lim.
In May, DFSA announced that it has imposed $4.5 million in fines against the two entities at the Dubai International Financial Centre (DIFC) for breaches of the authority’s legislation between August 2010 and June 2016. According to the DFSA, Al Masah Capital Limited, carried on unauthorized financial services in the DIFC, such as managing a collective investment fund and arranging deals in investments.
#SaudiArabia's IPO pipeline looks 'quite busy': CMA chairman | Reuters
Saudi Arabia's IPO pipeline looks 'quite busy': CMA chairman | Reuters
Since Aramco’s record listing last year, Saudi Arabia has seen a big increase in the number of companies looking to make their stock market debut in the kingdom, according to the head of the Capital Market Authority (CMA).
There are currently 15 applications for new listings in the Saudi stock market, the region’s largest bourse, CMA chairman Mohammed bin Abdullah Elkuwaiz said.
“It looks quite busy over the upcoming period,” he said.
The Saudi stock market (Tadawul) saw five IPOs in 2019, including oil giant Saudi Aramco, its biggest ever IPO and the largest in history.
“We have seen eight new listings since the beginning of the year despite the pandemic. We also currently have over 15 applications we are currently reviewing for listing whether in the main market or the (parallel) Nomu market,” he said.
Since Aramco’s record listing last year, Saudi Arabia has seen a big increase in the number of companies looking to make their stock market debut in the kingdom, according to the head of the Capital Market Authority (CMA).
There are currently 15 applications for new listings in the Saudi stock market, the region’s largest bourse, CMA chairman Mohammed bin Abdullah Elkuwaiz said.
“It looks quite busy over the upcoming period,” he said.
The Saudi stock market (Tadawul) saw five IPOs in 2019, including oil giant Saudi Aramco, its biggest ever IPO and the largest in history.
“We have seen eight new listings since the beginning of the year despite the pandemic. We also currently have over 15 applications we are currently reviewing for listing whether in the main market or the (parallel) Nomu market,” he said.
#AbuDhabi’s Wealth Fund Invests in SoftBank-Backed Tech Startup - Bloomberg
Abu Dhabi’s Wealth Fund Invests in SoftBank-Backed Tech Startup - Bloomberg
Mubadala Investment Co. led a $700 million funding round for a technology startup backed by SoftBank Group Corp., as the Abu Dhabi wealth fund diversifies its portfolio away from oil.
The fund said on Wednesday it invested in Reef Technology Inc., a startup that manages hubs in parking lots used for food delivery and other services such as Covid-19 testing. It was joined by SoftBank Vision Fund, Oaktree, UBS AM and Target Global, Mubadala said on Twitter.
Miami-based Reef was exploring a capital raise to fund its expansion, people familiar with the matter told Bloomberg earlier this month. The firm was valued at $1 billion when SoftBank acquired a stake in 2018.
Mubadala, which manages $232 billion in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help diversify their economies.
Mubadala Investment Co. led a $700 million funding round for a technology startup backed by SoftBank Group Corp., as the Abu Dhabi wealth fund diversifies its portfolio away from oil.
The fund said on Wednesday it invested in Reef Technology Inc., a startup that manages hubs in parking lots used for food delivery and other services such as Covid-19 testing. It was joined by SoftBank Vision Fund, Oaktree, UBS AM and Target Global, Mubadala said on Twitter.
Miami-based Reef was exploring a capital raise to fund its expansion, people familiar with the matter told Bloomberg earlier this month. The firm was valued at $1 billion when SoftBank acquired a stake in 2018.
Mubadala, which manages $232 billion in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help diversify their economies.
#Kuwait’s $124 Billion Pension Fund Had Record First-Half Profit - Bloomberg
Kuwait’s $124 Billion Pension Fund Had Record First-Half Profit - Bloomberg
Kuwait’s $124 billion pension fund racked up a record profit in the first half, continuing a turnaround for an institution previously marred by a corruption scandal.
The Public Institution for Social Security, which owns a quarter of U.S. private equity firm Stone Point Capital LLC, said profit rose 362% to $12.1 billion in the first half. It surged 611% to $4.7 billion in the second quarter, reflecting the “governance and strength” of its new investment strategy, according to a statement on Wednesday.
A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was found guilty of personally profiting from the organization over decades. The fund has since exited more than $20 billion in questionable deals in a major reorganization of its portfolio.
PIFSS, as the fund is known, said in August it aims to have 12% to 17% of its portfolio in real estate, followed by private equity at between 8% and 13% and infrastructure at 3% to 10%.
Between 40% and 60% of its portfolio is in stocks and fixed income. PIFSS also owns 25% of Oak Hill Advisors and 10% of TowerBrook Capital Partners LP.
Kuwait’s $124 billion pension fund racked up a record profit in the first half, continuing a turnaround for an institution previously marred by a corruption scandal.
The Public Institution for Social Security, which owns a quarter of U.S. private equity firm Stone Point Capital LLC, said profit rose 362% to $12.1 billion in the first half. It surged 611% to $4.7 billion in the second quarter, reflecting the “governance and strength” of its new investment strategy, according to a statement on Wednesday.
A new management team was brought into the fund in 2017 to transform the state-owned institution after its former head was found guilty of personally profiting from the organization over decades. The fund has since exited more than $20 billion in questionable deals in a major reorganization of its portfolio.
PIFSS, as the fund is known, said in August it aims to have 12% to 17% of its portfolio in real estate, followed by private equity at between 8% and 13% and infrastructure at 3% to 10%.
Between 40% and 60% of its portfolio is in stocks and fixed income. PIFSS also owns 25% of Oak Hill Advisors and 10% of TowerBrook Capital Partners LP.
#Dubai Watchdog Stiffens Oversight After Private Equity Fiascoes - Bloomberg
Dubai Watchdog Stiffens Oversight After Private Equity Fiascoes - Bloomberg
Dubai’s financial regulator has been stepping up scrutiny of firms to avoid a repeat of two high-profile failures in the emirate’s private equity industry, Abraaj and Al Masah Capital Ltd.
“Through our supervision work, we look to probe firms more than perhaps we did, say, less than 10 years ago,” said Peter Smith, managing director and head of strategy, policy and risk at the Dubai Financial Services Authority.
The private equity industry in the Middle East’s business and trade hub has been rocked by the collapse of Abraaj in 2018 and the arrest of several of its executives amid allegations that it misused investor funds. Al Masah was placed in liquidation earlier this year after it was fined by the DFSA for allegedly misleading investors about fees and its founder banned from working in the Dubai International Financial Center.
In both cases, the companies were conducting business from offices in Dubai’s financial center but had funds registered in the Cayman Islands.
Dubai’s financial regulator has been stepping up scrutiny of firms to avoid a repeat of two high-profile failures in the emirate’s private equity industry, Abraaj and Al Masah Capital Ltd.
“Through our supervision work, we look to probe firms more than perhaps we did, say, less than 10 years ago,” said Peter Smith, managing director and head of strategy, policy and risk at the Dubai Financial Services Authority.
The private equity industry in the Middle East’s business and trade hub has been rocked by the collapse of Abraaj in 2018 and the arrest of several of its executives amid allegations that it misused investor funds. Al Masah was placed in liquidation earlier this year after it was fined by the DFSA for allegedly misleading investors about fees and its founder banned from working in the Dubai International Financial Center.
In both cases, the companies were conducting business from offices in Dubai’s financial center but had funds registered in the Cayman Islands.
#Israel's Oil Refineries moves to third-quarter loss, signs supply deal | Reuters
Israel's Oil Refineries moves to third-quarter loss, signs supply deal | Reuters
Israel's Oil Refineries (ORL) ORL.TA swung to a loss in the third quarter, hit by the coronavirus pandemic, and said it had signed a fuel supply deal with a customer outside of Israel.
ORL, Israel’s largest refining and petrochemicals group, said on Wednesday it lost $50 million in the July-September period compared with a $7 million profit a year earlier. Revenue dipped 39% to $990 million.
Its adjusted refining margin was $0.3 a barrel in the third quarter, compared with $6.3 a year earlier but above Reuters’ quoted Mediterranean Ural Cracking Margin of a negative $2.0.
ORL said despite the crisis it still was able to produce its essential products and prevent furloughs, but it continued to reduce costs while starting to implement a retirement plan during the quarter.
Israel's Oil Refineries (ORL) ORL.TA swung to a loss in the third quarter, hit by the coronavirus pandemic, and said it had signed a fuel supply deal with a customer outside of Israel.
ORL, Israel’s largest refining and petrochemicals group, said on Wednesday it lost $50 million in the July-September period compared with a $7 million profit a year earlier. Revenue dipped 39% to $990 million.
Its adjusted refining margin was $0.3 a barrel in the third quarter, compared with $6.3 a year earlier but above Reuters’ quoted Mediterranean Ural Cracking Margin of a negative $2.0.
ORL said despite the crisis it still was able to produce its essential products and prevent furloughs, but it continued to reduce costs while starting to implement a retirement plan during the quarter.
Emirates airline asks some pilots to take 12 months unpaid leave | Reuters
Emirates airline asks some pilots to take 12 months unpaid leave | Reuters
Dubai’s Emirates airline is asking some pilots to take a year of unpaid leave as it seeks to cut costs due to the impact of the coronavirus pandemic.
The aviation industry is enduring its worst crisis after the pandemic crippled most flights, forcing airlines around the world to layoff employees.
“We can confirm that we’ve offered some of our pilots unpaid leave for 12 months, with the possibility of an early recall back to duty depending on how quickly demand rebounds and our operational requirements,” an Emirates spokeswoman said on Wednesday.
Most Emirates’ employees are foreigners, meaning they are not eligible for government benefits in the United Arab Emirates where the airline is headquartered and operates from.
Emirates would continue to provide accommodation, medical cover and other allowances to those on unpaid leave, the spokeswoman said.
Emirates has cut thousands of jobs this year, including pilots and flight attendants, while also cutting salaries and asking staff to take unpaid leave.
Dubai’s Emirates airline is asking some pilots to take a year of unpaid leave as it seeks to cut costs due to the impact of the coronavirus pandemic.
The aviation industry is enduring its worst crisis after the pandemic crippled most flights, forcing airlines around the world to layoff employees.
“We can confirm that we’ve offered some of our pilots unpaid leave for 12 months, with the possibility of an early recall back to duty depending on how quickly demand rebounds and our operational requirements,” an Emirates spokeswoman said on Wednesday.
Most Emirates’ employees are foreigners, meaning they are not eligible for government benefits in the United Arab Emirates where the airline is headquartered and operates from.
Emirates would continue to provide accommodation, medical cover and other allowances to those on unpaid leave, the spokeswoman said.
Emirates has cut thousands of jobs this year, including pilots and flight attendants, while also cutting salaries and asking staff to take unpaid leave.
FlyDubai to Start Daily Scheduled Flights to Tel Aviv This Month - Bloomberg
FlyDubai to Start Daily Scheduled Flights to Tel Aviv This Month - Bloomberg
FlyDubai will start scheduled flights between Dubai and Tel Aviv on Nov. 26 in line with strengthening ties between the United Arab Emirates and Israel following a diplomatic breakthrough in August.
The carrier will operate two trips a day between Dubai International Airport and Tel Aviv Ben Gurion, according to a statement by the state-owned airline. The price for a return ticket starts at 1,651 dirhams ($450).
“Following the recent bilateral agreement, the start of scheduled flights will contribute to economic development and create further opportunities for investment,” said FlyDubai Chief Executive Officer Ghaith Al-Ghaith.
The opening of air travel between the two countries will give the UAE’s carriers an opportunity to transfer Israeli passengers through their major hubs, connecting to destinations further east and west. While Abu Dhabi-based Etihad Airways flew a plane to Israel last month, FlyDubai is the first carrier in the UAE to announce scheduled flights.
FlyDubai will start scheduled flights between Dubai and Tel Aviv on Nov. 26 in line with strengthening ties between the United Arab Emirates and Israel following a diplomatic breakthrough in August.
The carrier will operate two trips a day between Dubai International Airport and Tel Aviv Ben Gurion, according to a statement by the state-owned airline. The price for a return ticket starts at 1,651 dirhams ($450).
“Following the recent bilateral agreement, the start of scheduled flights will contribute to economic development and create further opportunities for investment,” said FlyDubai Chief Executive Officer Ghaith Al-Ghaith.
The opening of air travel between the two countries will give the UAE’s carriers an opportunity to transfer Israeli passengers through their major hubs, connecting to destinations further east and west. While Abu Dhabi-based Etihad Airways flew a plane to Israel last month, FlyDubai is the first carrier in the UAE to announce scheduled flights.
#SaudiArabia Eases Controversial Restrictions on Foreign Workers - Bloomberg
Saudi Arabia Eases Controversial Restrictions on Foreign Workers - Bloomberg
Saudi Arabia will remove several key restrictions on foreign workers in an overhaul of the kingdom’s controversial labor policies, part of a plan to attract overseas talent and increase job market mobility.
Non-Saudis will no longer need their employer’s permission to change jobs, travel abroad or leave the country permanently, according to Sattam Alharbi, a deputy minister at the Ministry of Human Resources and Social Development. “Runaway” reports that employers can file against foreign workers who stop showing up to their jobs -- effectively rendering them fugitives -- will be abolished and replaced with a procedure for ending their contract, Alharbi said in an interview with Bloomberg on Wednesday.
The new rules will come into effect on March 14 and apply to all foreign workers in the private sector, regardless of salary level, he said.
The changes could have a dramatic effect on Saudi Arabia’s labor market and the lives of the 10.5 million foreign workers who make up about a third of the kingdom’s population.
Saudi Arabia will remove several key restrictions on foreign workers in an overhaul of the kingdom’s controversial labor policies, part of a plan to attract overseas talent and increase job market mobility.
Non-Saudis will no longer need their employer’s permission to change jobs, travel abroad or leave the country permanently, according to Sattam Alharbi, a deputy minister at the Ministry of Human Resources and Social Development. “Runaway” reports that employers can file against foreign workers who stop showing up to their jobs -- effectively rendering them fugitives -- will be abolished and replaced with a procedure for ending their contract, Alharbi said in an interview with Bloomberg on Wednesday.
The new rules will come into effect on March 14 and apply to all foreign workers in the private sector, regardless of salary level, he said.
The changes could have a dramatic effect on Saudi Arabia’s labor market and the lives of the 10.5 million foreign workers who make up about a third of the kingdom’s population.
GCC stock markets succumbed to coronavirus, weak Q3 results in October | ZAWYA MENA Edition
GCC stock markets succumbed to coronavirus, weak Q3 results in October | ZAWYA MENA Edition
Most GCC stock markets fell during October as concerns ratcheted up over the surge in the number of COVID-19 cases and the re-imposition of lockdowns in many cities, according to the GCC Markets Monthly Report by Kamco Invest.
In addition, the sentiments of GCC investors, who had defied growth in COVID-19 numbers during the previous months, were also affected by the initial cues from the Q3-2020 earnings.
The MSCI GCC Index closed at a 10-week low level by the end of October-2020 to report a monthly decline of 2.1 percent.
In terms of year-to-date (YTD) returns, the October decline once again pushed all the GCC equity markets back in the red with DFM showing the biggest drop of 21 percent, while Saudi Arabia’s TASI showed the smallest decline of 5.7 percent.
Most GCC stock markets fell during October as concerns ratcheted up over the surge in the number of COVID-19 cases and the re-imposition of lockdowns in many cities, according to the GCC Markets Monthly Report by Kamco Invest.
In addition, the sentiments of GCC investors, who had defied growth in COVID-19 numbers during the previous months, were also affected by the initial cues from the Q3-2020 earnings.
The MSCI GCC Index closed at a 10-week low level by the end of October-2020 to report a monthly decline of 2.1 percent.
In terms of year-to-date (YTD) returns, the October decline once again pushed all the GCC equity markets back in the red with DFM showing the biggest drop of 21 percent, while Saudi Arabia’s TASI showed the smallest decline of 5.7 percent.
Oil rises after Trump falsely claims victory in tight U.S. election | Reuters
Oil rises after Trump falsely claims victory in tight U.S. election | Reuters
Oil prices rose nearly 3% on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and the final result not yet clear.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices. A victory by his rival Joe Biden would be seen as bearish because of his green policies and softer stance on Iran.
West Texas Intermediate was up $1.03 cents, or 2.66%, at $38.69 a barrel by 0955 GMT.
Brent crude was up by 1.09 cents, or 2.67%, at $40.80.
Trump falsely claimed to have won after his Democratic challenger Biden said he was confident of winning a contest that will not be resolved until a handful of states finish vote counts in the next hours or days.
Oil prices rose nearly 3% on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and the final result not yet clear.
A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices. A victory by his rival Joe Biden would be seen as bearish because of his green policies and softer stance on Iran.
West Texas Intermediate was up $1.03 cents, or 2.66%, at $38.69 a barrel by 0955 GMT.
Brent crude was up by 1.09 cents, or 2.67%, at $40.80.
Trump falsely claimed to have won after his Democratic challenger Biden said he was confident of winning a contest that will not be resolved until a handful of states finish vote counts in the next hours or days.
Mideast Stocks: Major Gulf markets rise in early trade | ZAWYA MENA Edition
Mideast Stocks: Major Gulf markets rise in early trade | ZAWYA MENA Edition
Major stock markets in the Gulf traded higher on Wednesday, in line with Asia shares, as financial markets and oil prices rallied, with a closer-than-anticipated presidential race sparking volatility.
Asian shares and U.S. equity futures surged as the presidential election proved far closer than polls had predicted between incumbent Donald Trump and Democratic contender and wide favourite Joe Biden.
Crude prices rose above 2% and the move come ahead of data expected to show U.S. crude stockpiles rose 900,000 barrels last week after gaining 4.3 million barrels in the prior week.
Saudi Arabia's benchmark index advanced 1.2%, buoyed mainly by gains in the financial stocks including National Commercial Bank, which advanced 2.3%, while oil behemoth Saudi Aramco firmed 0.9%.
On Tuesday, Aramco reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weigh on crude prices.
However, the net profit was in line with analysts' estimate provided by Refinitiv.
Dubai's main share index gained 0.9%, led by a 1.3% rise in its largest lender Emirates NBD.
The bank confirmed on Tuesday it is in discussions with Lebanon's Blom Bank regarding the potential acquisition of Blom Bank Egypt.
The Abu Dhabi index was up 0.7%, driven by a 1.2% rise in the country's largest lender First Abu Dhabi Bank.
In Qatar, the index increased 0.5%, with Qatar Fuel Co gaining 1.6%.
Major stock markets in the Gulf traded higher on Wednesday, in line with Asia shares, as financial markets and oil prices rallied, with a closer-than-anticipated presidential race sparking volatility.
Asian shares and U.S. equity futures surged as the presidential election proved far closer than polls had predicted between incumbent Donald Trump and Democratic contender and wide favourite Joe Biden.
Crude prices rose above 2% and the move come ahead of data expected to show U.S. crude stockpiles rose 900,000 barrels last week after gaining 4.3 million barrels in the prior week.
Saudi Arabia's benchmark index advanced 1.2%, buoyed mainly by gains in the financial stocks including National Commercial Bank, which advanced 2.3%, while oil behemoth Saudi Aramco firmed 0.9%.
On Tuesday, Aramco reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weigh on crude prices.
However, the net profit was in line with analysts' estimate provided by Refinitiv.
Dubai's main share index gained 0.9%, led by a 1.3% rise in its largest lender Emirates NBD.
The bank confirmed on Tuesday it is in discussions with Lebanon's Blom Bank regarding the potential acquisition of Blom Bank Egypt.
The Abu Dhabi index was up 0.7%, driven by a 1.2% rise in the country's largest lender First Abu Dhabi Bank.
In Qatar, the index increased 0.5%, with Qatar Fuel Co gaining 1.6%.