Oil mixed, U.S. crude hits highest since 2019 as refineries restart | Reuters
Oil prices were mixed on Thursday with U.S. crude edging up to its highest close since 2019 as Texas refineries restarted production after last week’s freeze, while Brent eased on worries that four months of gains will prompt producers to boost output.
Earlier in the day, an assurance that U.S. interest rates will stay low and a sharp drop in U.S. crude output last week due to the winter storm in Texas, helped boost both U.S. crude and Brent to their highest intraday prices since January 2020.
Brent futures for April delivery fell 16 cents, or 0.2%, to settle at $66.88 a barrel. The April Brent contract expires on Friday.
U.S. West Texas Intermediate (WTI) crude, meanwhile, ended 31 cents, or 0.5%, higher at $63.53, its highest close since May 2019.
Analysts said WTI increased late in the day as more Texas refineries started to return to service, including Valero Energy Corp’s Port Arthur plant and Citgo Petroleum Corp’s Corpus Christi plant.
Thursday 25 February 2021
Why #SaudiArabia is building a 170km line city through the desert | FT - YouTube
Why Saudi Arabia is building a 170km line city through the desert | FT - YouTube
A car-free, carbon-free city the size of Belgium, built in a straight line through a remote part of Saudi Arabia is MBS's grand plan. Will it succeed? The FT's Andrew England explores the crown prince's pet project.
Norway Wealth Fund Cuts Exposure to #SaudiArabia Stocks, Boosts #Qatar Holdings - Bloomberg
Norway Wealth Fund Cuts Exposure to Saudi Arabia Stocks, Boosts Qatar Holdings - Bloomberg
Norway’s $1.3 trillion sovereign wealth fund slashed its exposure to Saudi Arabian stocks last year while boosting its portfolio in neighboring Qatar by almost seven times.
Total holdings of shares in Riyadh fell to about $194 million as of the end of December from $420 million the year before, according to data from Norges Bank Investment Management, which manages the fund. In Doha, exposure surged to $582 million from $80 million. Qatar is now its second-biggest holding in the Gulf after the United Arab Emirates.
The shift highlights a turn by the world’s biggest sovereign wealth fund in two Gulf countries that were on opposite sides of a spat in the oil-abundant region that ended in January after almost four years. Starting in 2017, Saudi Arabia joined a group of countries that cut ties with Qatar on accusations that the gas-rich nation supported terrorism. The country has always denied the claim.
The Oslo-based fund generated $123 billion of returns in 2020, its second-best performance ever thanks in large part to tech stocks. But, some of its biggest losses were tied to its holdings of oil companies and the fund exited stocks focused on oil exploration and production last year.
Norway’s $1.3 trillion sovereign wealth fund slashed its exposure to Saudi Arabian stocks last year while boosting its portfolio in neighboring Qatar by almost seven times.
Total holdings of shares in Riyadh fell to about $194 million as of the end of December from $420 million the year before, according to data from Norges Bank Investment Management, which manages the fund. In Doha, exposure surged to $582 million from $80 million. Qatar is now its second-biggest holding in the Gulf after the United Arab Emirates.
The shift highlights a turn by the world’s biggest sovereign wealth fund in two Gulf countries that were on opposite sides of a spat in the oil-abundant region that ended in January after almost four years. Starting in 2017, Saudi Arabia joined a group of countries that cut ties with Qatar on accusations that the gas-rich nation supported terrorism. The country has always denied the claim.
The Oslo-based fund generated $123 billion of returns in 2020, its second-best performance ever thanks in large part to tech stocks. But, some of its biggest losses were tied to its holdings of oil companies and the fund exited stocks focused on oil exploration and production last year.
MIDEAST STOCKS-Global share rally, rising oil prices buoy Gulf bourses | Nasdaq
MIDEAST STOCKS-Global share rally, rising oil prices buoy Gulf bourses | Nasdaq
Major stock markets in the Middle East registered sharp gains on Thursday, tracking a rise in global equities and a recovery in oil prices, with Qatar outperforming the region.
Brent oil climbed to a 13-month high of $67.30 LCOc1, CLc1 after U.S. government data on Wednesday showed a drop in crude output as a deep freeze in Texas disrupted production last week. O/R
Saudi Arabia's benchmark share index .TASI rose 0.9%, with Al Rajhi Bank 1120.SE rising 2% and Saudi Telecom Company 7010.SE climbing 3.3%.
The kingdom raised 1.5 billion euros ($1.83 billion) on Wednesday in a two-tranche bond deal after receiving orders for more than 3.75 billion euros, a document showed.
Potentially weighing on Saudi stocks in coming days is a declassified version of a U.S. intelligence report expected to be released later on Thursday, which found that Saudi Crown Prince Mohammed bin Salman approved the 2018 killing of journalist Jamal Khashoggi, Reuters reported, citing four U.S. officials familiar with the matter.
On Wednesday, U.S. President Joe Biden told reporters that he had read the report and expected to speak soon by phone with Saudi Arabian King Salman, father of the crown prince.
Dubai's main share index .DFMGI added 0.8%, buoyed by a 2.3% gain in Emirates NBD Bank ENBD.DU and a 5.4% surge in DAMAC Properties DAMAC.DU.
In Abu Dhabi, however, the index .ADI traded flat as gains in Abu Dhabi Islamic Bank ADIB.AD were offset by losses in the country's largest lender First Abu Dhabi Bank FAB.AD.
The Qatari index .QSI advanced 1.7%, snapping a six-day losing streak, boosted by a 2.7% gain in petrochemical maker Industries Qatar IQCD.QA.
Major stock markets in the Middle East registered sharp gains on Thursday, tracking a rise in global equities and a recovery in oil prices, with Qatar outperforming the region.
Brent oil climbed to a 13-month high of $67.30 LCOc1, CLc1 after U.S. government data on Wednesday showed a drop in crude output as a deep freeze in Texas disrupted production last week. O/R
Saudi Arabia's benchmark share index .TASI rose 0.9%, with Al Rajhi Bank 1120.SE rising 2% and Saudi Telecom Company 7010.SE climbing 3.3%.
The kingdom raised 1.5 billion euros ($1.83 billion) on Wednesday in a two-tranche bond deal after receiving orders for more than 3.75 billion euros, a document showed.
Potentially weighing on Saudi stocks in coming days is a declassified version of a U.S. intelligence report expected to be released later on Thursday, which found that Saudi Crown Prince Mohammed bin Salman approved the 2018 killing of journalist Jamal Khashoggi, Reuters reported, citing four U.S. officials familiar with the matter.
On Wednesday, U.S. President Joe Biden told reporters that he had read the report and expected to speak soon by phone with Saudi Arabian King Salman, father of the crown prince.
Dubai's main share index .DFMGI added 0.8%, buoyed by a 2.3% gain in Emirates NBD Bank ENBD.DU and a 5.4% surge in DAMAC Properties DAMAC.DU.
In Abu Dhabi, however, the index .ADI traded flat as gains in Abu Dhabi Islamic Bank ADIB.AD were offset by losses in the country's largest lender First Abu Dhabi Bank FAB.AD.
The Qatari index .QSI advanced 1.7%, snapping a six-day losing streak, boosted by a 2.7% gain in petrochemical maker Industries Qatar IQCD.QA.
Oil holds close to 13-month high, supported by sharp drop in U.S. output | Reuters
Oil holds close to 13-month high, supported by sharp drop in U.S. output | Reuters
Oil prices remained close to 13-month highs on Thursday, with profit-taking limited by an assurance that U.S. interest rates will stay low and a sharp drop in U.S. crude output last week due to the storm in Texas.
Brent crude for April hit $67.70 a barrel during the session, its highest since Jan. 8, 2020. By 1437 GMT, it had slipped 48 cents, or 0.7%, on the day to $66.56.
U.S. West Texas Intermediate was down 49 cents or 0.8% at $62.73, after also hitting a 13-month high of $63.79.
Tamas Varga, analyst at PVM Oil Associates, said the dip was partly due to profit taking after a three-day rally.
Oil prices remained close to 13-month highs on Thursday, with profit-taking limited by an assurance that U.S. interest rates will stay low and a sharp drop in U.S. crude output last week due to the storm in Texas.
Brent crude for April hit $67.70 a barrel during the session, its highest since Jan. 8, 2020. By 1437 GMT, it had slipped 48 cents, or 0.7%, on the day to $66.56.
U.S. West Texas Intermediate was down 49 cents or 0.8% at $62.73, after also hitting a 13-month high of $63.79.
Tamas Varga, analyst at PVM Oil Associates, said the dip was partly due to profit taking after a three-day rally.
Qatari Developer’s Bonds Plunge After S&P Warns of Default Risk update
Qatari Developer’s Bonds Plunge After S&P Warns of Default Risk update - Bloomberg
Bonds of Ezdan Holding Group slumped after S&P Global Ratings said Qatar’s biggest property developer faces the risk of a default or debt restructuring.
S&P cut Ezdan’s rating to CCC from B- with a negative outlook, reflecting narrowing liquidity and high debt balances, which it said could lead to a distressed exchange, debt restructuring or default over the next 3-12 months.
Ezdan didn’t immediately respond to emails seeking comment. The company’s dollar bonds due in May slid by 5.6 cents to 92.29 cents on the dollar, the biggest decline in 10 months.
Bonds of Ezdan Holding Group slumped after S&P Global Ratings said Qatar’s biggest property developer faces the risk of a default or debt restructuring.
S&P cut Ezdan’s rating to CCC from B- with a negative outlook, reflecting narrowing liquidity and high debt balances, which it said could lead to a distressed exchange, debt restructuring or default over the next 3-12 months.
Ezdan didn’t immediately respond to emails seeking comment. The company’s dollar bonds due in May slid by 5.6 cents to 92.29 cents on the dollar, the biggest decline in 10 months.
#Saudi Wealth Fund’s Lucid Windfall Will Make Up for Tesla Exit - Bloomberg
Saudi Wealth Fund’s Lucid Windfall Will Make Up for Tesla Exit - Bloomberg
The second time proved the charm for Saudi Arabia’s foray into electric vehicles.
The kingdom’s main sovereign wealth fund is sitting on paper gains of over 30-fold from its investment in Lucid Motors Inc., with the value of its stake set to rise as part of a deal to take the company public.
The result is a boost for the $400 billion Public Investment Fund after missing out on an epic rally in Tesla Inc. shares when it sold much of its 5% stake in the industry leader at the end of 2019.
The PIF, as the fund is known, will hold a stake of 62% in Lucid once the acquisition of the automaker by special purpose acquisition vehicle Churchill Capital IV is complete. The holding would be valued at about $32 billion, based on the current share price of Church Capital IV.
The deal would represent a jackpot for the PIF, which invested $1 billion in Lucid in 2018 and is expected to provide an additional $600 million in funding for the company before the SPAC deal is completed. It also participated in a $2.5 billion private investment in public equity, or PIPE, the largest of its kind on record for a SPAC deal.
Under the leadership of Yasir Al-Rumayyan, the PIF has shifted investment priorities from holdings in state-owned companies to building up stakes in companies such as Uber Technologies Inc. and Jio Platforms Ltd., the digital services business controlled by Indian billionaire Mukesh Ambani.
The fund’s returns on investment increased from about 3% between 2014 and 2016 to 8% from 2018 to 2020, according to the PIF website. It has more than doubled its assets in the five years since Crown Prince Mohammed bin Salman has been chairman.
The investments are part of a strategy that aims to boost returns from the kingdom’s wealth while diversifying the Saudi economy and creating jobs.
Bloomberg News reported in January that Lucid was in talks with the PIF to potentially build a factory near the Red Sea city of Jeddah, although the automaker’s CEO, Peter Rawlinson, said on Tuesday there were no imminent plans to build a factory in the kingdom.
The second time proved the charm for Saudi Arabia’s foray into electric vehicles.
The kingdom’s main sovereign wealth fund is sitting on paper gains of over 30-fold from its investment in Lucid Motors Inc., with the value of its stake set to rise as part of a deal to take the company public.
The result is a boost for the $400 billion Public Investment Fund after missing out on an epic rally in Tesla Inc. shares when it sold much of its 5% stake in the industry leader at the end of 2019.
The PIF, as the fund is known, will hold a stake of 62% in Lucid once the acquisition of the automaker by special purpose acquisition vehicle Churchill Capital IV is complete. The holding would be valued at about $32 billion, based on the current share price of Church Capital IV.
The deal would represent a jackpot for the PIF, which invested $1 billion in Lucid in 2018 and is expected to provide an additional $600 million in funding for the company before the SPAC deal is completed. It also participated in a $2.5 billion private investment in public equity, or PIPE, the largest of its kind on record for a SPAC deal.
Under the leadership of Yasir Al-Rumayyan, the PIF has shifted investment priorities from holdings in state-owned companies to building up stakes in companies such as Uber Technologies Inc. and Jio Platforms Ltd., the digital services business controlled by Indian billionaire Mukesh Ambani.
The fund’s returns on investment increased from about 3% between 2014 and 2016 to 8% from 2018 to 2020, according to the PIF website. It has more than doubled its assets in the five years since Crown Prince Mohammed bin Salman has been chairman.
The investments are part of a strategy that aims to boost returns from the kingdom’s wealth while diversifying the Saudi economy and creating jobs.
Bloomberg News reported in January that Lucid was in talks with the PIF to potentially build a factory near the Red Sea city of Jeddah, although the automaker’s CEO, Peter Rawlinson, said on Tuesday there were no imminent plans to build a factory in the kingdom.
S&P Says #Qatar Developer Ezdan Faces Restructuring, Default Risk - Bloomberg
S&P Says Qatar Developer Ezdan Faces Restructuring, Default Risk - Bloomberg
Qatar’s biggest property developer Ezdan Holding Group faces the risk of a default or debt restructuring as it is yet to obtain credit-lines to meet upcoming maturities, according to S&P Global Ratings.
S&P cut Ezdan’s rating to CCC from B- with a negative outlook, reflecting narrowing liquidity and high debt balances, which it said could lead to a distressed exchange, debt restructuring, or default over the next 3-12 months.
“Without a committed refinancing plan or an equity contribution from its shareholder, we do not believe that Ezdan has sufficient cash or liquid assets on its balance sheet to repay its debt,” the ratings agency said.
Ezdan shares slumped 8% in Doha, before trimming losses to 2.1%. The stock has underperformed Qatar’s main stock index so far this year. The company did not immediately respond to emails seeking comment.
Qatar’s biggest property developer Ezdan Holding Group faces the risk of a default or debt restructuring as it is yet to obtain credit-lines to meet upcoming maturities, according to S&P Global Ratings.
S&P cut Ezdan’s rating to CCC from B- with a negative outlook, reflecting narrowing liquidity and high debt balances, which it said could lead to a distressed exchange, debt restructuring, or default over the next 3-12 months.
“Without a committed refinancing plan or an equity contribution from its shareholder, we do not believe that Ezdan has sufficient cash or liquid assets on its balance sheet to repay its debt,” the ratings agency said.
Ezdan shares slumped 8% in Doha, before trimming losses to 2.1%. The stock has underperformed Qatar’s main stock index so far this year. The company did not immediately respond to emails seeking comment.
#SaudiArabia Is Paid to Borrow in Second-Ever Euro Bond Sale - Bloomberg
Saudi Arabia Is Paid to Borrow in Second-Ever Euro Bond Sale - Bloomberg
Saudi Arabia joined the ranks of countries that get paid to borrow in euros as the outlook for the kingdom turns favorable with a recovery in oil prices.
The world’s largest crude-oil exporter sold 1.5 billion euros of bonds ($1.8 billion), the second time it’s issued debt in the common currency, after attracting orders for more than three times the notes on offer, according to a statement on the Finance Ministry’s website.
The Chinese government, which has the same rating as Saudi Arabia from Moody’s Investors Service, issued debt in euros at a negative rate for the first time last year.
Saudi Arabia joined the ranks of countries that get paid to borrow in euros as the outlook for the kingdom turns favorable with a recovery in oil prices.
The world’s largest crude-oil exporter sold 1.5 billion euros of bonds ($1.8 billion), the second time it’s issued debt in the common currency, after attracting orders for more than three times the notes on offer, according to a statement on the Finance Ministry’s website.
The Chinese government, which has the same rating as Saudi Arabia from Moody’s Investors Service, issued debt in euros at a negative rate for the first time last year.
- 1 billion euros of Saudi Arabia’s three-year notes were priced at 40 basis points over midswaps, compared with initial price guidance of about 60 basis points, according to people familiar with the matter
- 500 million euros of nine-year securities were priced at 70 basis points over midswaps, compared with roughly 90 basis points at the start of the sale
- The yields were minus 0.057% for the three-year debt and 0.646% for nine-year notes
Emirates NBD approves 40% cash dividend despite 52% dive in 2020 net profit | ZAWYA MENA Edition
Emirates NBD approves 40% cash dividend despite 52% dive in 2020 net profit | ZAWYA MENA Edition
Dubai’s biggest bank Emirates NBD is set to distribute 40 percent cash dividend to shareholders even after its net profit slumped by more than half in 2020.
In its general assembly, the bank approved the payout at 40 fils per share, aggregating to an amount of 2.5 billion dirhams ($680 million).
Full-year net profit plunged 52 percent to 7 billion dirhams in 2020, compared with 14.5 billion dirhams in 2019.
The lower profit is on the back of higher provisions and after the gains made from the listing of Network International was not repeated in 2020. Excluding the Network International gain in 2019, the bank said its net profit was down 31 percent year-on-year.
Sheikh Ahmed Bin Saeed Al Maktoum, Emirates NBD chairman, noted that 2020 was indeed “an unprecedented year”, but that the government acted timely to protect public health and managed to re-open the economy with measured guidelines.
Dubai’s biggest bank Emirates NBD is set to distribute 40 percent cash dividend to shareholders even after its net profit slumped by more than half in 2020.
In its general assembly, the bank approved the payout at 40 fils per share, aggregating to an amount of 2.5 billion dirhams ($680 million).
Full-year net profit plunged 52 percent to 7 billion dirhams in 2020, compared with 14.5 billion dirhams in 2019.
The lower profit is on the back of higher provisions and after the gains made from the listing of Network International was not repeated in 2020. Excluding the Network International gain in 2019, the bank said its net profit was down 31 percent year-on-year.
Sheikh Ahmed Bin Saeed Al Maktoum, Emirates NBD chairman, noted that 2020 was indeed “an unprecedented year”, but that the government acted timely to protect public health and managed to re-open the economy with measured guidelines.
#Saudi Alkhorayef to list, trade on Tadawul beginning March 1 | ZAWYA MENA Edition
Saudi Alkhorayef to list, trade on Tadawul beginning March 1 | ZAWYA MENA Edition
The listing and trading of the shares of Alkhorayef Water & Power Technologies Co. shares will take place on Monday, March 1.
The stock, which has been assigned the symbol 2081, will trade with +/- 30 percent daily price fluctuation limits and +/- 10 percent static price fluctuation limits for the first three days of trading, Tadawul said on Thursday.
From the fourth trading day onwards, the daily price fluctuation limits will revert to +/- 10% and the static price fluctuation limits will no longer apply, Tadawul said.
In a separate statement, the Securities Depository Center Co. (Edaa) said it has added the subscribed securities in Alkhorayef into the center’s accounts of eligible securities’ holders on Thursday.
Alkhorayef floated a 30 percent stake, or 7.5 million shares, in an initial public offering (IPO), out of which 90 percent was allocated to institutions and 10 percentto retail investors, according to Saudi Fransi Capital and EFG Hermes KSA who acted as the joint bookrunners for the IPO. The final price was set at 72 Saudi riyals ($19.20).
The listing and trading of the shares of Alkhorayef Water & Power Technologies Co. shares will take place on Monday, March 1.
The stock, which has been assigned the symbol 2081, will trade with +/- 30 percent daily price fluctuation limits and +/- 10 percent static price fluctuation limits for the first three days of trading, Tadawul said on Thursday.
From the fourth trading day onwards, the daily price fluctuation limits will revert to +/- 10% and the static price fluctuation limits will no longer apply, Tadawul said.
In a separate statement, the Securities Depository Center Co. (Edaa) said it has added the subscribed securities in Alkhorayef into the center’s accounts of eligible securities’ holders on Thursday.
Alkhorayef floated a 30 percent stake, or 7.5 million shares, in an initial public offering (IPO), out of which 90 percent was allocated to institutions and 10 percentto retail investors, according to Saudi Fransi Capital and EFG Hermes KSA who acted as the joint bookrunners for the IPO. The final price was set at 72 Saudi riyals ($19.20).
Oil hovers near 13-month highs as storm hits U.S. output, Fed assures rates staying low | Reuters
Oil hovers near 13-month highs as storm hits U.S. output, Fed assures rates staying low | Reuters
Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S. crude output last week due to the storm in Texas.
Brent crude futures for April gained 37 cents, 0.6%, to $67.41 a barrel by 0718 GMT, while U.S. West Texas Intermediate crude for April was at $63.54 a barrel, up 32 cents, 0.5%.
Both contracts touched their highest since Jan. 8, 2020, earlier in the session with Brent at $67.49 and WTI at $63.67. The April Brent contract expires on Friday.
An assurance from the U.S. Federal Reserve that interest rates would stay low for a while weakened the U.S. dollar, while boosting investors’ risk appetite and global equity markets.
A severe winter storm in Texas has caused U.S. crude production to drop by more than 10%, or 1 million barrels per day (bpd) last week, the Energy Information Administration said on Wednesday.
Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S. crude output last week due to the storm in Texas.
Brent crude futures for April gained 37 cents, 0.6%, to $67.41 a barrel by 0718 GMT, while U.S. West Texas Intermediate crude for April was at $63.54 a barrel, up 32 cents, 0.5%.
Both contracts touched their highest since Jan. 8, 2020, earlier in the session with Brent at $67.49 and WTI at $63.67. The April Brent contract expires on Friday.
An assurance from the U.S. Federal Reserve that interest rates would stay low for a while weakened the U.S. dollar, while boosting investors’ risk appetite and global equity markets.
A severe winter storm in Texas has caused U.S. crude production to drop by more than 10%, or 1 million barrels per day (bpd) last week, the Energy Information Administration said on Wednesday.
MIDEAST STOCKS-Most Gulf indexes rebound on global rally, higher oil prices | Nasdaq
MIDEAST STOCKS-Most Gulf indexes rebound on global rally, higher oil prices | Nasdaq
Most bourses in the Gulf rebounded in early trade on Thursday, tracking a rally in global equity markets and a jump in oil prices.
Oil prices extended gains for a fourth straight session to reach the highest levels in more than 13 months, underpinned by assurance of continued supportive measures by the U.S. Federal Reserve and a sharp drop in U.S. crude output.
Saudi's benchmark index .TASI was up 1.4%, aided by a 2.7% rise in Al Rajhi Bank 1120.SE and a 3.3% jump in Saudi Arabian Mining Company 1211.SE.
Elsewhere, Arab National Bank 1080.SE added 0.4% despite posting a sharp fall in 2020 profit, which it blamed on increase provision for credit losses and increase in operating expenses.
Separately, a declassified version of a U.S. intelligence report expected to be released later in the day, found that Saudi Crown Prince Mohammed bin Salman approved the 2018 killing of journalist Jamal Khashoggi, Reuters reported, citing four U.S. officials familiar with the matter.
On Wednesday, U.S. President Joe Biden told reporters that he had read the report and expected to speak soon by phone with Saudi Arabian King Salman, father of the crown prince.
In Dubai, the index .DFMGI advanced 1.1%, boosted by a 2.3% jump in its largest lender Emirates NBD ENBD.DU and a 0.8% increase in Dubai Islamic Bank DISB.DU.
Financials stocks also lifted the Abu Dhabi index .ADI, which was up 0.6% in early trade, with the country's largest lender First Abu Dhabi Bank FAB.AD rising 0.9%.
The United Arab Emirates is opening field hospitals to increase the health sector's capacity, state news agency WAM reported late on Tuesday.
The UAE has the second-highest COVID-19 vaccination rate in the world.
In Qatar, the index .QSI gained 1%, on track to end a six-day loosing streak.
Qatar National Bank (QNB) QNBK.QA, the Gulf's biggest bank by assets, strengthened 1.4%
Most bourses in the Gulf rebounded in early trade on Thursday, tracking a rally in global equity markets and a jump in oil prices.
Oil prices extended gains for a fourth straight session to reach the highest levels in more than 13 months, underpinned by assurance of continued supportive measures by the U.S. Federal Reserve and a sharp drop in U.S. crude output.
Saudi's benchmark index .TASI was up 1.4%, aided by a 2.7% rise in Al Rajhi Bank 1120.SE and a 3.3% jump in Saudi Arabian Mining Company 1211.SE.
Elsewhere, Arab National Bank 1080.SE added 0.4% despite posting a sharp fall in 2020 profit, which it blamed on increase provision for credit losses and increase in operating expenses.
Separately, a declassified version of a U.S. intelligence report expected to be released later in the day, found that Saudi Crown Prince Mohammed bin Salman approved the 2018 killing of journalist Jamal Khashoggi, Reuters reported, citing four U.S. officials familiar with the matter.
On Wednesday, U.S. President Joe Biden told reporters that he had read the report and expected to speak soon by phone with Saudi Arabian King Salman, father of the crown prince.
In Dubai, the index .DFMGI advanced 1.1%, boosted by a 2.3% jump in its largest lender Emirates NBD ENBD.DU and a 0.8% increase in Dubai Islamic Bank DISB.DU.
Financials stocks also lifted the Abu Dhabi index .ADI, which was up 0.6% in early trade, with the country's largest lender First Abu Dhabi Bank FAB.AD rising 0.9%.
The United Arab Emirates is opening field hospitals to increase the health sector's capacity, state news agency WAM reported late on Tuesday.
The UAE has the second-highest COVID-19 vaccination rate in the world.
In Qatar, the index .QSI gained 1%, on track to end a six-day loosing streak.
Qatar National Bank (QNB) QNBK.QA, the Gulf's biggest bank by assets, strengthened 1.4%
Subscribe to:
Posts (Atom)