Oil falls amid European lockdowns, U.S. election uncertainty | Reuters
Oil prices fell nearly 1% on Thursday, weighed down by the steady rise in coronavirus infections and as the outcome of the U.S. presidential election had still not been settled.
Brent crude LCOc1 settled down 30 cents, or 0.7%, at $40.93 a barrel and U.S. West Texas Intermediate (WTI) crude CLc1 was down 36 cents, or 0.9%, at $38.79. Both contracts jumped about 4% on Wednesday.
The European Union’s executive commission lowered its economic forecast, adding that said the economy would not rebound to pre-virus levels until 2023.
“Despite some surprisingly bullish crude data this week, the oil market will still need to contend with major demand uncertainties related to COVID-19,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, referring to a 8 million-barrel draw in U.S. crude stockpiles.
Thursday, 5 November 2020
#SaudiArabia media group to make play for elite global sports events | Financial Times
Saudi Arabia media group to make play for elite global sports events | Financial Times
Saudi Arabia has launched a state-controlled sports media company to manage and secure broadcasting rights in a move that will shake up the multibillion-dollar bidding wars for the right to televise elite sporting events in the Middle East.
Saudi Arabia has launched a state-controlled sports media company to manage and secure broadcasting rights in a move that will shake up the multibillion-dollar bidding wars for the right to televise elite sporting events in the Middle East.
Prince Abdulaziz bin Turki al-Faisal, the sports minister, told the Financial Times that the Saudi Sports Company would create a “platform” for content development and managing TV rights. The move comes as Saudi Arabia uses its financial muscle to lure an increasingly diverse array of global sports events to the kingdom.
On Thursday, it was confirmed that Saudi Arabia had secured the rights to host a Formula One motor race for the next 15 years, beginning in 2021. The kingdom is also in discussions to hold a boxing bout next year between Anthony Joshua and Tyson Fury, an all-British contest for the undisputed heavyweight title, Prince Abdulaziz said.
The Formula One grand prix and the launch of the media company underscore Crown Prince Mohammed bin Salman’s ambitions to develop the kingdom as a regional sporting hub.
#Dubai Aerospace targets more lease-back deals as airlines struggle through pandemic | Reuters
Dubai Aerospace targets more lease-back deals as airlines struggle through pandemic | Reuters
Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, expects air traffic to start rebounding by the middle of next year and is looking for more deals with airlines to buy and lease back their jets.
Chief Executive Firoz Tarapore told Reuters on Thursday that air traffic would rebound faster than expected, possibly as soon as early 2021 in a best case scenario, though the middle of next year is more likely.
DAE, which is owned by sovereign wealth fund Investment Corporation of Dubai, said on Wednesday that it had secured 31 sale and lease back agreements this year that will expand its portfolio by a net $1.1 billion.
But group profit fell to $167.3 million for the nine months to Sep. 30 from $260.5 million a year earlier as airlines delayed rent payments due to the pandemic.
Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, expects air traffic to start rebounding by the middle of next year and is looking for more deals with airlines to buy and lease back their jets.
Chief Executive Firoz Tarapore told Reuters on Thursday that air traffic would rebound faster than expected, possibly as soon as early 2021 in a best case scenario, though the middle of next year is more likely.
DAE, which is owned by sovereign wealth fund Investment Corporation of Dubai, said on Wednesday that it had secured 31 sale and lease back agreements this year that will expand its portfolio by a net $1.1 billion.
But group profit fell to $167.3 million for the nine months to Sep. 30 from $260.5 million a year earlier as airlines delayed rent payments due to the pandemic.
Teva Pharm third-quarter profit in line with forecasts, lowers 2020 revenue outlook | Reuters
Teva Pharm third-quarter profit in line with forecasts, lowers 2020 revenue outlook | Reuters
Israel-based Teva Pharmaceutical Industries TEVA.TA reported quarterly profit in line with expectations but lowered its 2020 revenue forecast on lower demand for some products as fewer people are going to hospitals and doctors during the pandemic.
Shares in the world’s largest drugmaker fell 7% in early New York trade on Thursday as the group also cut its 2020 revenue outlook for its migraine product Ajovy by $50 million to $200 million.
Teva TEVA.N earned 58 cents per diluted share excluding one-time items in the July-September period, unchanged from a year earlier and bang in line with analysts' forecasts.
It revised its 2020 forecast to adjusted EPS of $2.40-$2.55 and revenue of $16.5-$16.8 billion. Its previous outlook was for EPS of $2.30-$2.55 and revenue of $16.6-$17.0 billion.
The lower revenue range reflects the impact of the pandemic on customer purchasing patterns, it said in a post-earnings conference call.
Israel-based Teva Pharmaceutical Industries TEVA.TA reported quarterly profit in line with expectations but lowered its 2020 revenue forecast on lower demand for some products as fewer people are going to hospitals and doctors during the pandemic.
Shares in the world’s largest drugmaker fell 7% in early New York trade on Thursday as the group also cut its 2020 revenue outlook for its migraine product Ajovy by $50 million to $200 million.
Teva TEVA.N earned 58 cents per diluted share excluding one-time items in the July-September period, unchanged from a year earlier and bang in line with analysts' forecasts.
It revised its 2020 forecast to adjusted EPS of $2.40-$2.55 and revenue of $16.5-$16.8 billion. Its previous outlook was for EPS of $2.30-$2.55 and revenue of $16.6-$17.0 billion.
The lower revenue range reflects the impact of the pandemic on customer purchasing patterns, it said in a post-earnings conference call.
Five of six Bank of #Israel MPC members voted to keep rate at 0.1%, minutes show | Reuters
Five of six Bank of Israel MPC members voted to keep rate at 0.1%, minutes show | Reuters
Five of six rate setters at the Bank of Israel voted to keep the benchmark interest rate ILINR=ECI at 0.1% on Oct. 22, minutes of the discussions showed on Thursday.
“They were of the opinion that this low interest rate level
supports the recovery of economic activity and the gradual return of the inflation rate to within the target range, and particularly in view of the Bank of Israel operating additional tools in the credit market,” the minutes said.
The other member of the monetary policy committee supported a reduction of the key rate to 0%.
The MPC in its prior meetings on Aug. 24, July 6 and May 25 had voted to hold its key rate after it reduced it in April to 0.1% from 0.25%.
Five of six rate setters at the Bank of Israel voted to keep the benchmark interest rate ILINR=ECI at 0.1% on Oct. 22, minutes of the discussions showed on Thursday.
“They were of the opinion that this low interest rate level
supports the recovery of economic activity and the gradual return of the inflation rate to within the target range, and particularly in view of the Bank of Israel operating additional tools in the credit market,” the minutes said.
The other member of the monetary policy committee supported a reduction of the key rate to 0%.
The MPC in its prior meetings on Aug. 24, July 6 and May 25 had voted to hold its key rate after it reduced it in April to 0.1% from 0.25%.
#Kuwait has no choice but to borrow to tackle deficit - audit body | Reuters
Kuwait has no choice but to borrow to tackle deficit - audit body | Reuters
Kuwait’s State Audit Bureau said the government has no choice but to borrow to plug a growing deficit, but that it must do so alongside implementing economic reforms.
The coronavirus pandemic and low oil prices have piled pressure on Kuwait’s finances and prompted the government to halt an annual transfer of 10% of revenues to the Future Generations Fund, the country’s largest reserve that has only been tapped once during the first Gulf War.
The annual transfer will now be made only if Kuwait achieves a budget surplus. After halting the transfer, Kuwait’s budget deficit in the fiscal year that ended in March was 3.92 billion dinars ($12.83 billion).
“Given the sensitive conditions in the state’s public finances, low oil prices, declining revenues, worsening deficits expected in the fiscal year 2020/2021, and efforts being made to confront the coronavirus pandemic, there is no other way but for the state to provide other new resources, including borrowing, but under the presence of controls and a package of financial, economic and legislative reforms,” the audit agency said in a report.
Kuwait’s State Audit Bureau said the government has no choice but to borrow to plug a growing deficit, but that it must do so alongside implementing economic reforms.
The coronavirus pandemic and low oil prices have piled pressure on Kuwait’s finances and prompted the government to halt an annual transfer of 10% of revenues to the Future Generations Fund, the country’s largest reserve that has only been tapped once during the first Gulf War.
The annual transfer will now be made only if Kuwait achieves a budget surplus. After halting the transfer, Kuwait’s budget deficit in the fiscal year that ended in March was 3.92 billion dinars ($12.83 billion).
“Given the sensitive conditions in the state’s public finances, low oil prices, declining revenues, worsening deficits expected in the fiscal year 2020/2021, and efforts being made to confront the coronavirus pandemic, there is no other way but for the state to provide other new resources, including borrowing, but under the presence of controls and a package of financial, economic and legislative reforms,” the audit agency said in a report.
Saudis Cut Oil Prices for Asia as Virus Clouds Energy Market - Bloomberg
Saudis Cut Oil Prices for Asia as Virus Clouds Energy Market - Bloomberg
Saudi Arabia cut most oil pricing for its customers in Asia and the U.S. as a resurgence in the coronavirus clouds the outlook for energy markets.
State producer Saudi Aramco decreased December pricing for shipments of Arab Light crude to Asia, its largest regional market, by 10 cents a barrel to a 50-cent discount to the benchmark.
Oil dropped around 10% last week as European nations including Germany and France announced new lockdowns and daily virus cases hit a record in the U.S. While crude has since recovered most of those losses, the market continues to face headwinds, OPEC Secretary-General Mohammad Barkindo said.
The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed with Russia and other producers in April to pump less oil to prop up the market. The supply cuts by the alliance, known as OPEC+, caused oil prices to rally, but benchmark Brent crude is still down 38% this year at $41 a barrel.
Saudi Arabia cut most oil pricing for its customers in Asia and the U.S. as a resurgence in the coronavirus clouds the outlook for energy markets.
State producer Saudi Aramco decreased December pricing for shipments of Arab Light crude to Asia, its largest regional market, by 10 cents a barrel to a 50-cent discount to the benchmark.
Oil dropped around 10% last week as European nations including Germany and France announced new lockdowns and daily virus cases hit a record in the U.S. While crude has since recovered most of those losses, the market continues to face headwinds, OPEC Secretary-General Mohammad Barkindo said.
The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed with Russia and other producers in April to pump less oil to prop up the market. The supply cuts by the alliance, known as OPEC+, caused oil prices to rally, but benchmark Brent crude is still down 38% this year at $41 a barrel.
Top Gulf Arab Bond Manager Hungry for Risk Eyes #Oman and #Bahrain - Bloomberg
Top Gulf Arab Bond Manager Hungry for Risk Eyes Oman and Bahrain - Bloomberg
Three months ago, Franklin Templeton’s Gulf Arab bond fund hunkered down for U.S. election volatility by seeking refuge in cash and only the highest-rated debt.
Now, even with the outcome of the vote undecided, it’s ready to pile back in, wagering money on some of the region’s riskiest securities.
“We are predisposed to take on risk,” said Mohieddine Kronfol, the firm’s Dubai-based chief investment officer for global sukuk and Middle Eastern and North African fixed income. “Once we get past these next few weeks, the market’s focus will be much more constructive.”
The change of tack underscores how investors, seeking to boost returns in a low-interest rate world, will shift their focus to the prospect of a U.S. fiscal stimulus package, a coronavirus vaccine and an improving outlook for growth once the election is out of the way. High-yielding bonds from the six-nation Gulf Cooperation Council, including the debt of Oman and Bahrain, are relatively cheap, setting them up for a rally in the coming months, according to Kronfol.
Kronfol turned defensive in August as Gulf Arab bonds ended a four-month rally, raising the proportion of cash in his GCC bond and global sukuk funds to about 12% from typical levels of 2% to 4%. The average rating of the securities held by the funds, which have combined assets of about $500 million, is currently around A-, compared with the portfolios’ typical average of BBB, he said.
Three months ago, Franklin Templeton’s Gulf Arab bond fund hunkered down for U.S. election volatility by seeking refuge in cash and only the highest-rated debt.
Now, even with the outcome of the vote undecided, it’s ready to pile back in, wagering money on some of the region’s riskiest securities.
“We are predisposed to take on risk,” said Mohieddine Kronfol, the firm’s Dubai-based chief investment officer for global sukuk and Middle Eastern and North African fixed income. “Once we get past these next few weeks, the market’s focus will be much more constructive.”
The change of tack underscores how investors, seeking to boost returns in a low-interest rate world, will shift their focus to the prospect of a U.S. fiscal stimulus package, a coronavirus vaccine and an improving outlook for growth once the election is out of the way. High-yielding bonds from the six-nation Gulf Cooperation Council, including the debt of Oman and Bahrain, are relatively cheap, setting them up for a rally in the coming months, according to Kronfol.
Kronfol turned defensive in August as Gulf Arab bonds ended a four-month rally, raising the proportion of cash in his GCC bond and global sukuk funds to about 12% from typical levels of 2% to 4%. The average rating of the securities held by the funds, which have combined assets of about $500 million, is currently around A-, compared with the portfolios’ typical average of BBB, he said.
#Qatar leads most Gulf markets higher; #Saudi bourse flat | Reuters
Qatar leads most Gulf markets higher; Saudi bourse flat | Reuters
Most stock markets in the Gulf ended higher on Thursday, with Qatar leading on broad-based gains, while the Saudi index bucked the trend to close flat.
The Qatari index .QSI advanced 1.7%, as most of the stocks were in positive territory including the Gulf's largest lender, Qatar National Bank QNBK.QA.
Dubai's main share index .DFMGI rose 0.3%, driven by a 2.1% rise in its largest lender, Emirates NBD Bank ENBD.DU, and a 1.3% increase in logistic firm Aramex ARMX.DU, despite reporting a fall in third-quarter profit.
However, Aramex posted a revenue of 1.51 billion dirhams ($411 million) in the quarter ended Sept. 30, down from 1.27 billion dirhams year ago.
In Abu Dhabi, the index .ADI closed up 0.6%, with top lender First Abu Dhabi Bank FAB.AD rising 1.2%.
The benchmark index .TASI in Saudi Arabia finished flat, a day after it climbed over 1%.
In the previous session, Saudi Arabian shares advanced over 1% after President Donald Trump falsely claimed victory in a tight U.S. election.
Outside the Gulf, Egypt's blue-chip index .EGX30 gained 0.7%, with Commercial International Bank COMI.CA adding 1.2%.
On Wednesday, the Arab state’s cabinet approved a new law to issue sovereign sukuk and will send it to parliament for a vote, finance minister Mohamed Maait said.
Once parliament and the president approve the law, the country will issue its first sovereign sukuk, the ministry said.
Most stock markets in the Gulf ended higher on Thursday, with Qatar leading on broad-based gains, while the Saudi index bucked the trend to close flat.
The Qatari index .QSI advanced 1.7%, as most of the stocks were in positive territory including the Gulf's largest lender, Qatar National Bank QNBK.QA.
Dubai's main share index .DFMGI rose 0.3%, driven by a 2.1% rise in its largest lender, Emirates NBD Bank ENBD.DU, and a 1.3% increase in logistic firm Aramex ARMX.DU, despite reporting a fall in third-quarter profit.
However, Aramex posted a revenue of 1.51 billion dirhams ($411 million) in the quarter ended Sept. 30, down from 1.27 billion dirhams year ago.
In Abu Dhabi, the index .ADI closed up 0.6%, with top lender First Abu Dhabi Bank FAB.AD rising 1.2%.
The benchmark index .TASI in Saudi Arabia finished flat, a day after it climbed over 1%.
In the previous session, Saudi Arabian shares advanced over 1% after President Donald Trump falsely claimed victory in a tight U.S. election.
Outside the Gulf, Egypt's blue-chip index .EGX30 gained 0.7%, with Commercial International Bank COMI.CA adding 1.2%.
On Wednesday, the Arab state’s cabinet approved a new law to issue sovereign sukuk and will send it to parliament for a vote, finance minister Mohamed Maait said.
Once parliament and the president approve the law, the country will issue its first sovereign sukuk, the ministry said.
Europe's second COVID-19 lockdown 'damaging' for Gulf airlines: IATA | ZAWYA MENA Edition
Europe's second COVID-19 lockdown 'damaging' for Gulf airlines: IATA | ZAWYA MENA Edition
Europe’s second COVID-19 lockdown will hit airlines in the Gulf Cooperation Council (GCC) region due to lower travel demand and bookings, the International Air Transport Association (IATA) said.
Several major European markets for Gulf carriers, including England, France and Germany, have re-introduced restrictions, shutting down businesses and implementing nationwide stay-at-home orders, in a bid to stem the resurgence of coronavirus cases.
The containment measures are likely to have knock-on effects on airlines in the Gulf, which serve as “super connectors” for international passengers travelling to and from the European markets, according to Brian Pearce, chief economist of IATA.
In a media briefing, Pearce noted that while the short-haul air travel markets are recovering from the COVID-19 slump, operators of long-haul fleets are still struggling.
Europe’s second COVID-19 lockdown will hit airlines in the Gulf Cooperation Council (GCC) region due to lower travel demand and bookings, the International Air Transport Association (IATA) said.
Several major European markets for Gulf carriers, including England, France and Germany, have re-introduced restrictions, shutting down businesses and implementing nationwide stay-at-home orders, in a bid to stem the resurgence of coronavirus cases.
The containment measures are likely to have knock-on effects on airlines in the Gulf, which serve as “super connectors” for international passengers travelling to and from the European markets, according to Brian Pearce, chief economist of IATA.
In a media briefing, Pearce noted that while the short-haul air travel markets are recovering from the COVID-19 slump, operators of long-haul fleets are still struggling.
#SaudiArabia PIF Invests About $1.3 Billion in Mukesh Ambani’s Reliance Retail - Bloomberg
Saudi Arabia PIF Invests About $1.3 Billion in Mukesh Ambani’s Reliance Retail - Bloomberg
Saudi Arabia’s Public Investment Fund, or PIF, plans to invest about $1.3 billion in billionaire Mukesh Ambani’s retail unit that has already mopped up more than $5 billion through stake sales this year.
The sovereign wealth fund will pick up a 2.04% stake in Reliance Retail Ventures Ltd., Reliance Industries Ltd. said in an exchange filing Thursday.
This will be the third investment for PIF in the conglomerate, helmed by Ambani -- Asia’s richest man -- as he seeks to transform his conglomerate into a retail and technology behemoth and pivot away from its staple oil-refining business that he inherited.
Saudi Arabia’s Public Investment Fund, or PIF, plans to invest about $1.3 billion in billionaire Mukesh Ambani’s retail unit that has already mopped up more than $5 billion through stake sales this year.
The sovereign wealth fund will pick up a 2.04% stake in Reliance Retail Ventures Ltd., Reliance Industries Ltd. said in an exchange filing Thursday.
This will be the third investment for PIF in the conglomerate, helmed by Ambani -- Asia’s richest man -- as he seeks to transform his conglomerate into a retail and technology behemoth and pivot away from its staple oil-refining business that he inherited.
Tel Aviv exchange sees stream of IPOs during coronavirus crisis | Reuters
Tel Aviv exchange sees stream of IPOs during coronavirus crisis | Reuters
Companies are lining up to go public in Tel Aviv at a rate unseen in over a decade with the stock exchange getting a much needed boost as coronavirus limitations prompt businesses to raise funds closer to home.
About 30 firms filed to list on the Tel Aviv Stock Exchange TASE.TA in the third quarter, a level unmatched since before the 2008 global financial crisis and up from 23 for all of 2019, according to the Israel Securities Authority (ISA).
There is of course no guarantee all will follow through in an economy hit by COVID-19, but this could help the exchange turn a corner after it lost many passive investors following a 2010 upgrade to developed market in the MSCI index.
Daily trade volume that was halved from a 2010 peak of $547 million has been slow to recover, reaching $365 million in 2019. The number of listed companies dwindled to 442 from 613.
Companies are lining up to go public in Tel Aviv at a rate unseen in over a decade with the stock exchange getting a much needed boost as coronavirus limitations prompt businesses to raise funds closer to home.
About 30 firms filed to list on the Tel Aviv Stock Exchange TASE.TA in the third quarter, a level unmatched since before the 2008 global financial crisis and up from 23 for all of 2019, according to the Israel Securities Authority (ISA).
There is of course no guarantee all will follow through in an economy hit by COVID-19, but this could help the exchange turn a corner after it lost many passive investors following a 2010 upgrade to developed market in the MSCI index.
Daily trade volume that was halved from a 2010 peak of $547 million has been slow to recover, reaching $365 million in 2019. The number of listed companies dwindled to 442 from 613.
Turkey’s Biggest IPO in Years Back on Track After Pandemic Delay - Bloomberg
Turkey’s Biggest IPO in Years Back on Track After Pandemic Delay - Bloomberg
Turkish energy group Aydem Holding AS is gearing up for an initial public offering of its renewable-electricity producer next quarter that could value the unit at as much as $1.5 billion, according to people with knowledge of the matter.
The re-branded company, formerly known as Bereket Enerji, has revived plans to sell shares in Aydem Yenilenebilir Enerji AS a year later than first anticipated after the coronavirus outbreak turned off investors, said the people, who asked not to be named because the information is confidential.
Aydem Holding, which last year clinched the second-biggest debt restructuring deal with lenders in Turkey, is expecting to raise around $300 million, they said. Advisers are in place for an IPO in Istanbul that will be open to international and domestic investors, which will be based on the company’s Sept. 30 financial statements, said the people.
If the IPO materializes, it will be the biggest share offering in Turkey since discount grocer Sok Marketler Ticaret AS raised $595 million in mid-2017.
Turkish energy group Aydem Holding AS is gearing up for an initial public offering of its renewable-electricity producer next quarter that could value the unit at as much as $1.5 billion, according to people with knowledge of the matter.
The re-branded company, formerly known as Bereket Enerji, has revived plans to sell shares in Aydem Yenilenebilir Enerji AS a year later than first anticipated after the coronavirus outbreak turned off investors, said the people, who asked not to be named because the information is confidential.
Aydem Holding, which last year clinched the second-biggest debt restructuring deal with lenders in Turkey, is expecting to raise around $300 million, they said. Advisers are in place for an IPO in Istanbul that will be open to international and domestic investors, which will be based on the company’s Sept. 30 financial statements, said the people.
If the IPO materializes, it will be the biggest share offering in Turkey since discount grocer Sok Marketler Ticaret AS raised $595 million in mid-2017.
Oil drops as U.S. election uncertainty dominates markets | Reuters
Oil drops as U.S. election uncertainty dominates markets | Reuters
Oil prices fell on Thursday as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election, though doubts remain over further huge stimulus to bolster the ecomony in the face of the coronavirus crisis.
Brent crude LCOc1 fell 33 cents, or 0.8%, to $40.90 a barrel by 0927 GMT and U.S. West Texas Intermediate (WTI) crude CLc1 was down 39 cents, or 1%, at $38.76. Both contracts had jumped around 4% on Wednesday.
Biden predicted victory over President Donald Trump after winning two critical U.S. states while the Republican incumbent alleged fraud, filed lawsuits and demanded recounts in a bitter contest that has yet to be decided.
A drawn-out court battle over the results could cause additional uncertainty in the market, spawning further sell-offs within risky asset classes, including oil futures, said Bjornar Tonhaugen, Rystad Energy’s head of oil markets.
Oil prices fell on Thursday as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election, though doubts remain over further huge stimulus to bolster the ecomony in the face of the coronavirus crisis.
Brent crude LCOc1 fell 33 cents, or 0.8%, to $40.90 a barrel by 0927 GMT and U.S. West Texas Intermediate (WTI) crude CLc1 was down 39 cents, or 1%, at $38.76. Both contracts had jumped around 4% on Wednesday.
Biden predicted victory over President Donald Trump after winning two critical U.S. states while the Republican incumbent alleged fraud, filed lawsuits and demanded recounts in a bitter contest that has yet to be decided.
A drawn-out court battle over the results could cause additional uncertainty in the market, spawning further sell-offs within risky asset classes, including oil futures, said Bjornar Tonhaugen, Rystad Energy’s head of oil markets.
Gulf markets flat despite oil price slide | Reuters
Gulf markets flat despite oil price slide | Reuters
Major stock markets in the Gulf were largely flat on Thursday, supported by gains in financial shares despite falling oil prices.
Brent crude LCOc1 futures fell 64 cents, or 1.55%, to $40.59 a barrel at 0756 GMT as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election, but the Republicans look likely to retain Senate control.
Saudi Arabia's benchmark index .TASI slipped 0.2%, a day after registering sharp gains, with Dr Sulaiman Al-Habib Medical Services 4013.SE losing 1.1% and oil giant Saudi Aramco 2222.SE down 0.3%.
Meanwhile, the kingdom on Wednesday announced new plans to ease foreign workers’ contractual restrictions, abolishing a controversial seven-decade-old sponsorship system known as kafala.
Saudi Arabia, which chairs the Group of 20 major economies (G20) this year, is seeking to boost its private sector, part of a plan to diversify its oil-dependent economy.
Dubai's main share index .DFMGI gained 0.4%, with sharia-compliant lender Dubai Islamic Bank DISB.DU and Emirates NBD Bank ENBD.DU both rising 0.7%.
The Abu Dhabi index .ADI edged up 0.1%, helped by a 0.5%increase in the country's largest lender First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI added 0.2%, with Commercial Bank COMB.QA gaining 1%.
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.
Major stock markets in the Gulf were largely flat on Thursday, supported by gains in financial shares despite falling oil prices.
Brent crude LCOc1 futures fell 64 cents, or 1.55%, to $40.59 a barrel at 0756 GMT as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election, but the Republicans look likely to retain Senate control.
Saudi Arabia's benchmark index .TASI slipped 0.2%, a day after registering sharp gains, with Dr Sulaiman Al-Habib Medical Services 4013.SE losing 1.1% and oil giant Saudi Aramco 2222.SE down 0.3%.
Meanwhile, the kingdom on Wednesday announced new plans to ease foreign workers’ contractual restrictions, abolishing a controversial seven-decade-old sponsorship system known as kafala.
Saudi Arabia, which chairs the Group of 20 major economies (G20) this year, is seeking to boost its private sector, part of a plan to diversify its oil-dependent economy.
Dubai's main share index .DFMGI gained 0.4%, with sharia-compliant lender Dubai Islamic Bank DISB.DU and Emirates NBD Bank ENBD.DU both rising 0.7%.
The Abu Dhabi index .ADI edged up 0.1%, helped by a 0.5%increase in the country's largest lender First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI added 0.2%, with Commercial Bank COMB.QA gaining 1%.
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.
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