Most Gulf bourses claw back in early trade | Reuters

Most Gulf bourses claw back in early trade | Reuters

Most stock markets in the Gulf region recovered some of their loses on Wednesday, tracking firmer global equities after China Evergrande said it would be able to pay a coupon on one of its bonds.

Evergrande’s main unit said it had settled interest payments due on Thursday on a yuan bond with investors.

Oil prices climbed more than $1 extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. [O/R]

Saudi Arabia’s benchmark index added 0.2%, with oil giant Saudi Aramco rising 0.3% and Saudi British Bank putting on 1.3%.

Italian energy services group Saipem has signed an agreement with Saudi Aramco to examine setting up a company to do engineering, procurement and construction (EPC) work in Saudi Arabia.

Elsewhere, Saudi Telecom Company (STC) gained 0.2%. The telecoms firm completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion riyals ($966.30 million), the firm said on Wednesday.

The Abu Dhabi index rose 0.2%, led by a 0.7% gain in conglomerate International Holding Company (IHC), extending gains from the previous session.

IHC’s subsidiary invested a further 55 million dirhams ($14.97 million) in Firefly to bring digital advertising services to taxis and rideshares in the region.

Dubai’s main share index increased 0.2%, supported by a 1.1% increase in Emirates NBD Bank and a 2.2% leap in budget airliner Air Arabia.

Dubai said on Monday it was establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy.

In Qatar, the index rose 0.6%, with petrochemical maker Industries Qatar advancing 2.7%.