Oil settles mixed on questions over crude supply, demand, strong dollar | Reuters
Oil prices settled mixed on Monday as investors wondered whether crude supplies will increase and whether demand will be pressured by the recent surge in energy costs, the strong dollar and rising COVID-19 cases.
Brent futures settled down 12 cents, or 0.2%, to $82.05 a barrel while U.S. West Texas Intermediate (WTI) crude rose 8 cents, or 0.1%, to $80.88.
In early trading, the oil market factored in speculation that President Joe Biden's administration could fight high prices by releasing crude oil from the U.S. Strategic Petroleum Reserve, but skepticism about that approach caused U.S. crude to edge higher, according to John Kilduff, partner at Again Capital LLC in New York.
"The market appears to have priced in too aggressively that the SPR release would happen," Kilduff said.
Monday 15 November 2021
#Saudi PIF nearly triples U.S. stock holdings; adds Alibaba, Walmart | Reuters
Saudi PIF nearly triples U.S. stock holdings; adds Alibaba, Walmart | Reuters
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, nearly tripled its holdings of U.S.-listed stocks to $43.45 billion in the third quarter, adding shares of Alibaba Group Holding Ltd , Walmart Inc(WMT.N) and Pinterest (PINS.N).
Its U.S.-listed stock holdings in the quarter ended Sept. 30 increased from nearly $16 billion in the prior quarter.
Other stocks it bought included Just Eat Takeaway.com (TKWY.AS) and Ballard Power Systems (BLDP.TO).
The PIF, which manages $430 billion in assets, is at the centre of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, nearly tripled its holdings of U.S.-listed stocks to $43.45 billion in the third quarter, adding shares of Alibaba Group Holding Ltd , Walmart Inc(WMT.N) and Pinterest (PINS.N).
Its U.S.-listed stock holdings in the quarter ended Sept. 30 increased from nearly $16 billion in the prior quarter.
Other stocks it bought included Just Eat Takeaway.com (TKWY.AS) and Ballard Power Systems (BLDP.TO).
The PIF, which manages $430 billion in assets, is at the centre of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
Oil prices slide on expectations of higher crude supply | Reuters
Oil prices slide on expectations of higher crude supply | Reuters
Crude oil prices fell on Monday on expectations of increasing supply, while the recent surge in energy costs and rising COVID-19 cases are expected to weigh on demand.
Brent crude futures fell 87 cents , or 1.1%, to $81.30 a barrel, as of 11 a.m. EDT (1500 GMT). U.S. West Texas Intermediate (WTI) crude lost 80 cents, or 1.0%, to $79.99 a barrel.
Oil markets have ended each of the last three weeks lower than the previous one. However, Brent has only shed a total of 4% in that time, as the market see-sawed between concerns about insufficient supply and worries that high prices will cool demand just as drillers ramp up activity.
The strengthening dollar has also pressured oil prices, along with speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve.
Crude oil prices fell on Monday on expectations of increasing supply, while the recent surge in energy costs and rising COVID-19 cases are expected to weigh on demand.
Brent crude futures fell 87 cents , or 1.1%, to $81.30 a barrel, as of 11 a.m. EDT (1500 GMT). U.S. West Texas Intermediate (WTI) crude lost 80 cents, or 1.0%, to $79.99 a barrel.
Oil markets have ended each of the last three weeks lower than the previous one. However, Brent has only shed a total of 4% in that time, as the market see-sawed between concerns about insufficient supply and worries that high prices will cool demand just as drillers ramp up activity.
The strengthening dollar has also pressured oil prices, along with speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve.
#Dubai May IPO Emirates, the Airline That Transformed Its Economy - Bloomberg
Dubai May IPO Emirates, the Airline That Transformed Its Economy - Bloomberg
Dubai may sell shares in its flagship carrier Emirates, which helped transform the city into a global hub for commerce, just as coronavirus restrictions ease and the outlook for travel brightens.
Emirates and its units may be listed on Dubai’s stock exchange, Chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq TV. The comments come as the city ratchets up efforts to draw level with Abu Dhabi and Riyadh, which have been the hottest markets for IPOs in the Middle East.
Dubai plans to list 10 state-owned companies on its stock market. It kicked things off with its main utility, likely to be its largest IPO ever, and the Salik road toll-collection system -- described by one analyst as a cash machine.
Emirates, however, is one of the city’s most well known assets. The airline was hit hard by the pandemic, and a collapse in its main business of long-haul travel led to its first loss in decades. The government plowed in about $3.7 billion over the past year to keep it going.
Dubai may sell shares in its flagship carrier Emirates, which helped transform the city into a global hub for commerce, just as coronavirus restrictions ease and the outlook for travel brightens.
Emirates and its units may be listed on Dubai’s stock exchange, Chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq TV. The comments come as the city ratchets up efforts to draw level with Abu Dhabi and Riyadh, which have been the hottest markets for IPOs in the Middle East.
Dubai plans to list 10 state-owned companies on its stock market. It kicked things off with its main utility, likely to be its largest IPO ever, and the Salik road toll-collection system -- described by one analyst as a cash machine.
Emirates, however, is one of the city’s most well known assets. The airline was hit hard by the pandemic, and a collapse in its main business of long-haul travel led to its first loss in decades. The government plowed in about $3.7 billion over the past year to keep it going.
Oil prices slide on expectations of higher supply, weaker demand | Reuters
Oil prices slide on expectations of higher supply, weaker demand | Reuters
Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Brent crude futures fell $1.01, or 1.2%, to $81.16 a barrel, as of 1353 GMT. U.S. West Texas Intermediate (WTI) crude lost 96 cents, or 1.1%, to $79.83 a barrel.
The fall came after U.N. climate talks ended Saturday with a deal that for the first time targeted fossil fuels as the key driver of global warming. read more
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Brent crude futures fell $1.01, or 1.2%, to $81.16 a barrel, as of 1353 GMT. U.S. West Texas Intermediate (WTI) crude lost 96 cents, or 1.1%, to $79.83 a barrel.
The fall came after U.N. climate talks ended Saturday with a deal that for the first time targeted fossil fuels as the key driver of global warming. read more
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
#Dubai hits near 4-year high after Emaar's strong earnings | Reuters
Dubai hits near 4-year high after Emaar's strong earnings | Reuters
Dubai's stock market outperformed its Gulf peers on Monday, hitting its highest level in nearly four years, after robust earnings from blue-chip developer Emaar Properties.
Meanwhile, the Saudi index was in the red due to lower oil prices.
Dubai's main share index (.DFMGI) climbed 2.7%, closing at its highest since February 2018, lifted by a 4.1% jump in Emaar Properties (EMAR.DU) after it reported a sharp rise in quarterly profit.
Dubai Financial Market (DFM.DU) surged 14.7%, rising for a ninth session in eleven.
Dubai plans to list its "Salik" road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday. read more
Investors are optimistic after a second IPO was announced by the government and the initiative is starting to create a dynamic in the private sector, said Wael Makarem, senior market strategist at Exness.
Among other gainers, Deyaar Development (DEYR.DU) soared 15% after reporting that its quarterly profit almost doubled, and Amlak Finance (AMLK.DU) closed up 14.9% as it swung to quarterly profit.
Saudi Arabia's benchmark index (.TASI) declined 0.6%, weighed by Saudi National Bank (1180.SE) and Al Rajhi Bank (1120.SE), which fell 2% and 0.4%, respectively.
Crude prices fell on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
In Abu Dhabi, the index (.ADI) fell 0.3%, retreating from record highs, hit by a 0.7% fall in International Holding (IHC.AD).
The Qatari index (.QSI) gained 0.1% after petrochemical maker Industries Qatar (IQCD.QA) rose 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) shedding 1.4%, as most of the stocks on the index declined.
The Egyptian bourse retreated on inflation fears, said Makarem, adding that investors could take profits over the short term.
Dubai's stock market outperformed its Gulf peers on Monday, hitting its highest level in nearly four years, after robust earnings from blue-chip developer Emaar Properties.
Meanwhile, the Saudi index was in the red due to lower oil prices.
Dubai's main share index (.DFMGI) climbed 2.7%, closing at its highest since February 2018, lifted by a 4.1% jump in Emaar Properties (EMAR.DU) after it reported a sharp rise in quarterly profit.
Dubai Financial Market (DFM.DU) surged 14.7%, rising for a ninth session in eleven.
Dubai plans to list its "Salik" road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday. read more
Investors are optimistic after a second IPO was announced by the government and the initiative is starting to create a dynamic in the private sector, said Wael Makarem, senior market strategist at Exness.
Among other gainers, Deyaar Development (DEYR.DU) soared 15% after reporting that its quarterly profit almost doubled, and Amlak Finance (AMLK.DU) closed up 14.9% as it swung to quarterly profit.
Saudi Arabia's benchmark index (.TASI) declined 0.6%, weighed by Saudi National Bank (1180.SE) and Al Rajhi Bank (1120.SE), which fell 2% and 0.4%, respectively.
Crude prices fell on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
In Abu Dhabi, the index (.ADI) fell 0.3%, retreating from record highs, hit by a 0.7% fall in International Holding (IHC.AD).
The Qatari index (.QSI) gained 0.1% after petrochemical maker Industries Qatar (IQCD.QA) rose 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) shedding 1.4%, as most of the stocks on the index declined.
The Egyptian bourse retreated on inflation fears, said Makarem, adding that investors could take profits over the short term.
#Dubai Airshow News: Emirates Fleet Rethink Could Mean Boeing Pain, Airbus Gain - Bloomberg
Dubai Airshow News: Emirates Fleet Rethink Could Mean Boeing Pain, Airbus Gain - Bloomberg
As the man commanding the world’s largest international airline for almost two decades, Emirates President Tim Clark has perfected the act of playing arch-rivals Airbus SE and Boeing Co. off one another.
His tactics were on display again this weekend in Dubai, where the biennial air show is taking place on Emirates’s home turf. Clark, speaking in an interview, said he’s conducting a fleet “reset.” That, in turn, might amount to a shift away from Boeing, which the executive singled out as still having issues to resolve around the 777X wide-body, for which Emirates is the biggest buyer.
Clark might lack the take-no-prisoners bravado of Qatar Airways CEO Akbar Al Baker, who revels in the public shaming of Airbus and Boeing if he can raise the heat to get a better deal. But Emirates arguably has more clout than its regional rival because of its sheer size, having ordered 115 777X alone and running by far the largest fleet of Airbus A380 double-deckers.
The fleet rethink comes as Emirates and its units contemplate taking part in an anticipated flurry of listings on Dubai’s stock exchange, according to comments Monday from Chairman Sheikh Ahmed Bin Saeed Al Maktoum. Dubai announced plans this month to float 10 state companies as it seeks to catch up with neighboring Abu Dhabi and Saudi capital Riyadh on initial public offerings.
As the man commanding the world’s largest international airline for almost two decades, Emirates President Tim Clark has perfected the act of playing arch-rivals Airbus SE and Boeing Co. off one another.
His tactics were on display again this weekend in Dubai, where the biennial air show is taking place on Emirates’s home turf. Clark, speaking in an interview, said he’s conducting a fleet “reset.” That, in turn, might amount to a shift away from Boeing, which the executive singled out as still having issues to resolve around the 777X wide-body, for which Emirates is the biggest buyer.
Clark might lack the take-no-prisoners bravado of Qatar Airways CEO Akbar Al Baker, who revels in the public shaming of Airbus and Boeing if he can raise the heat to get a better deal. But Emirates arguably has more clout than its regional rival because of its sheer size, having ordered 115 777X alone and running by far the largest fleet of Airbus A380 double-deckers.
The fleet rethink comes as Emirates and its units contemplate taking part in an anticipated flurry of listings on Dubai’s stock exchange, according to comments Monday from Chairman Sheikh Ahmed Bin Saeed Al Maktoum. Dubai announced plans this month to float 10 state companies as it seeks to catch up with neighboring Abu Dhabi and Saudi capital Riyadh on initial public offerings.
Emirates airline president says carrier returned to profitability in October - Al Arabiya | Reuters
Emirates airline president says carrier returned to profitability in October - Al Arabiya | Reuters
Emirates airline chairman Sheikh Ahmed bin Saeed Al-Maktoum said on Monday that the Dubai state-owned airline returned to profitability in October, Al Arabiya TV reported.
He added that the carrier's focus remains on increasing passenger numbers through Dubai airports.
He also said that there is currently no need for any financial support from the Dubai government and that tapping the sukuk market is an option if needed.
Emirates airline chairman Sheikh Ahmed bin Saeed Al-Maktoum said on Monday that the Dubai state-owned airline returned to profitability in October, Al Arabiya TV reported.
He added that the carrier's focus remains on increasing passenger numbers through Dubai airports.
He also said that there is currently no need for any financial support from the Dubai government and that tapping the sukuk market is an option if needed.
Oil prices slide on expectations of higher supply, weaker demand | Reuters
Oil prices slide on expectations of higher supply, weaker demand | Reuters
Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Brent crude futures fell 96 cents, or 1.2%, to $81.21 a barrel, as of 1036 GMT. U.S. West Texas Intermediate (WTI) crude lost 73 cents, or 0.9%, to $80.06 a barrel.
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
"Possible releases of oil from U.S. strategic petroleum reserves (SPR) gets lots of the blame from the decline in price," SEB chief commodities analyst Bjarne Schieldrop said.
Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Brent crude futures fell 96 cents, or 1.2%, to $81.21 a barrel, as of 1036 GMT. U.S. West Texas Intermediate (WTI) crude lost 73 cents, or 0.9%, to $80.06 a barrel.
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
"Possible releases of oil from U.S. strategic petroleum reserves (SPR) gets lots of the blame from the decline in price," SEB chief commodities analyst Bjarne Schieldrop said.
Union Properties' share suspended by DFM for not submitting Q3-21 results on schedule | Property – Gulf News
Union Properties' share suspended by DFM for not submitting Q3-21 results on schedule | Property – Gulf News
Trading in Union Properties’ shares on DFM has been suspended for a second time in the last few days – the latest one is because the developer failed to announce its third-quarter results on schedule.
The stock has been volatile all through this period, twice coming close to setting off the circuit-breaker by dropping to 10 per cent. A circuit-breaker relates to a stock being pulled out from trading for a certain time if it shoots up or down beyond a certain percentage. On DFM, the lowest a share can drop is 10 per cent before it gets yanked out – Union Properties fell to below 9 per cent yesterday as well as last week.)
In 2020, during the worst of the pandemic, DFM introduced a 5 per cent downward limit for stocks. But with the return of normality, it has reverted to the 10 per cent limit down cap," said Vijay Valecha, Chief Investment Officer at Century Financial, on the circuit-breaker triggers.
These have been exceptionally difficult times for the company – and not just limited to the stock seesaw. Recent days have seen the developer confirm that the UP chairman is under detention pending investigations by the federal authorities on certain asset sales from last year.
Trading in Union Properties’ shares on DFM has been suspended for a second time in the last few days – the latest one is because the developer failed to announce its third-quarter results on schedule.
The stock has been volatile all through this period, twice coming close to setting off the circuit-breaker by dropping to 10 per cent. A circuit-breaker relates to a stock being pulled out from trading for a certain time if it shoots up or down beyond a certain percentage. On DFM, the lowest a share can drop is 10 per cent before it gets yanked out – Union Properties fell to below 9 per cent yesterday as well as last week.)
In 2020, during the worst of the pandemic, DFM introduced a 5 per cent downward limit for stocks. But with the return of normality, it has reverted to the 10 per cent limit down cap," said Vijay Valecha, Chief Investment Officer at Century Financial, on the circuit-breaker triggers.
These have been exceptionally difficult times for the company – and not just limited to the stock seesaw. Recent days have seen the developer confirm that the UP chairman is under detention pending investigations by the federal authorities on certain asset sales from last year.
Deutsche Bank, #UAE's FAB execute Middle East's first green repo transaction | ZAWYA MENA Edition
Deutsche Bank, UAE's FAB execute Middle East's first green repo transaction | ZAWYA MENA Edition
First Abu Dhabi Bank (FAB), the UAE's largest bank, has executed the first green repurchasing (repo) transaction in the Middle East, structured with Deutsche Bank.
A repurchase agreement (repo) is collateralised borrowing undertaken by a bank as part of interbank financing.
Under this agreement, FAB received EM Eurobonds collateral from Deutsche Bank and provided US dollar financing in exchange, according to a statement from the banks. However, the banks did not disclose the size of the transaction or interest rates.
Deutsche Bank will deploy the funds into green financing activities such as development of renewable energy and the improvement of energy efficiency and conservation.
Martin Tricaud, Group Head of Investment Banking at FAB said: “There is a rapidly growing demand for high-quality green financing solutions, both globally and regionally, as businesses and governments commit to net-zero targets on greenhouse gas emissions, and FAB aims to set an example for sustainability-related financing in our region. Seen against the backdrop of the COP26 climate summit, this transaction shows the financial sector working collaboratively to deliver successful and impactful financial solutions.”
First Abu Dhabi Bank (FAB), the UAE's largest bank, has executed the first green repurchasing (repo) transaction in the Middle East, structured with Deutsche Bank.
A repurchase agreement (repo) is collateralised borrowing undertaken by a bank as part of interbank financing.
Under this agreement, FAB received EM Eurobonds collateral from Deutsche Bank and provided US dollar financing in exchange, according to a statement from the banks. However, the banks did not disclose the size of the transaction or interest rates.
Deutsche Bank will deploy the funds into green financing activities such as development of renewable energy and the improvement of energy efficiency and conservation.
Martin Tricaud, Group Head of Investment Banking at FAB said: “There is a rapidly growing demand for high-quality green financing solutions, both globally and regionally, as businesses and governments commit to net-zero targets on greenhouse gas emissions, and FAB aims to set an example for sustainability-related financing in our region. Seen against the backdrop of the COP26 climate summit, this transaction shows the financial sector working collaboratively to deliver successful and impactful financial solutions.”
#Dubai’s IPO Stampede Sees First Private Firm Unveil Listing Plan - Bloomberg
Dubai’s IPO Stampede Sees First Private Firm Unveil Listing Plan - Bloomberg
Dubai-based information technology company StarLink plans to go public early next year, in a sign the government’s goal of listing state firms is encouraging the private sector to follow suit.
Starlink is working with Egyptian investment bank EFG Hermes and expects to finalize its listing on the Nasdaq Dubai bourse in the first quarter of next year, Chief Executive Officer Nidal Othman said in an interview.
The company has an annual revenue of around $400 million and $16 million in earnings before interest, taxes, depreciation and amortization, or Ebitda, which would give it a valuation of around $250 million, he said.
“The government has been encouraging tech companies to go public and has been very helpful to facilitate our process,” Othman said.
Dubai-based information technology company StarLink plans to go public early next year, in a sign the government’s goal of listing state firms is encouraging the private sector to follow suit.
Starlink is working with Egyptian investment bank EFG Hermes and expects to finalize its listing on the Nasdaq Dubai bourse in the first quarter of next year, Chief Executive Officer Nidal Othman said in an interview.
The company has an annual revenue of around $400 million and $16 million in earnings before interest, taxes, depreciation and amortization, or Ebitda, which would give it a valuation of around $250 million, he said.
“The government has been encouraging tech companies to go public and has been very helpful to facilitate our process,” Othman said.
#Saudi, #UAE Signal OPEC+ Will Resist U.S. Calls to Pump More Oil - Bloomberg
Saudi, UAE Signal OPEC+ Will Resist U.S. Calls to Pump More Oil - Bloomberg
Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster.
President Joe Biden, concerned that gasoline prices at a seven-year high are stoking inflation in America, has called on the 23-nation alliance to turn on the taps and bring down crude prices.
OPEC+, led by Saudi Arabia and Russia, is currently increasing daily output by 400,000 barrels per month.
“The 400,000 is continuing and that should be enough,” Mazrouei said in an interview in Abu Dhabi, where he’s attending the Adipec oil and gas conference. He spoke after being on a panel with the energy ministers of Saudi Arabia and India.
Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster.
President Joe Biden, concerned that gasoline prices at a seven-year high are stoking inflation in America, has called on the 23-nation alliance to turn on the taps and bring down crude prices.
OPEC+, led by Saudi Arabia and Russia, is currently increasing daily output by 400,000 barrels per month.
“The 400,000 is continuing and that should be enough,” Mazrouei said in an interview in Abu Dhabi, where he’s attending the Adipec oil and gas conference. He spoke after being on a panel with the energy ministers of Saudi Arabia and India.
#Dubai outperforms most Gulf bourses; #Saudi falls | Reuters
Dubai outperforms most Gulf bourses; Saudi falls | Reuters
Dubai stocks rose sharply in early trade on Monday to their highest since March 2018, supported by upbeat corporate earnings, while the Saudi index eased amid falling oil prices.
Crude oil prices fell under pressure from expectations of increasing supplies and a lower demand forecast amid higher energy costs.
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
Dubai's main share index (.DFMGI) advanced 1.5%, boosted by a 2% rise in blue-chip developer Emaar Properties (EMAR.DU) after reporting a sharp rise in quarterly profit.
Dubai Financial Market (DFM.DU) soared more than 12%, rising for a ninth session in eleven.
Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse. read more
Dubai plans to list its "Salik" road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday. read more
Elsewhere, Amlak Finance (AMLK.DU) jumped about 15%, after it swung to quarterly profit.
Dubai International Airport handled 20.7 million passengers in the first 10 months of the year, half of which passed through the major Gulf transit hub between July and October, operator Dubai Airports said on Monday, upwardly revising its outlook. read more
Saudi Arabia's benchmark index (.TASI) fell 0.1%, with Saudi National Bank (1180.SE) losing 0.9% and Al Rajhi Bank (1120.SE) was down 0.1%.
The kingdom's consumer price index increased by 0.8% in October from a year earlier and was 0.2% higher on the month, government data showed on Monday.
In Abu Dhabi, the index (.ADI) dropped 0.6%, pulling back from record highs, hit by a 2% decline in conglomerate International Holding (IHC.AD).
Elsewhere, Bank of Sharjah (BOS.AD) tumbled 5.7%, after it posted a net loss of 833.3 million dirhams ($226.90 million) for the third quarter, compared to profit of 110.4 million dirhams a year ago.
The Qatari index (.QSI) traded flat, as gains in financial shares were offset by declines in energy stocks.
Qatar Stock Exchange on Monday announced the launch of the ESG tradable index in collaboration with MSCI.
Dubai stocks rose sharply in early trade on Monday to their highest since March 2018, supported by upbeat corporate earnings, while the Saudi index eased amid falling oil prices.
Crude oil prices fell under pressure from expectations of increasing supplies and a lower demand forecast amid higher energy costs.
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
Dubai's main share index (.DFMGI) advanced 1.5%, boosted by a 2% rise in blue-chip developer Emaar Properties (EMAR.DU) after reporting a sharp rise in quarterly profit.
Dubai Financial Market (DFM.DU) soared more than 12%, rising for a ninth session in eleven.
Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse. read more
Dubai plans to list its "Salik" road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday. read more
Elsewhere, Amlak Finance (AMLK.DU) jumped about 15%, after it swung to quarterly profit.
Dubai International Airport handled 20.7 million passengers in the first 10 months of the year, half of which passed through the major Gulf transit hub between July and October, operator Dubai Airports said on Monday, upwardly revising its outlook. read more
Saudi Arabia's benchmark index (.TASI) fell 0.1%, with Saudi National Bank (1180.SE) losing 0.9% and Al Rajhi Bank (1120.SE) was down 0.1%.
The kingdom's consumer price index increased by 0.8% in October from a year earlier and was 0.2% higher on the month, government data showed on Monday.
In Abu Dhabi, the index (.ADI) dropped 0.6%, pulling back from record highs, hit by a 2% decline in conglomerate International Holding (IHC.AD).
Elsewhere, Bank of Sharjah (BOS.AD) tumbled 5.7%, after it posted a net loss of 833.3 million dirhams ($226.90 million) for the third quarter, compared to profit of 110.4 million dirhams a year ago.
The Qatari index (.QSI) traded flat, as gains in financial shares were offset by declines in energy stocks.
Qatar Stock Exchange on Monday announced the launch of the ESG tradable index in collaboration with MSCI.
Oil prices slide on expectations of higher supply, weaker demand | Reuters
Oil prices slide on expectations of higher supply, weaker demand | Reuters
Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Brent crude futures fell 63 cents, or 0.8%, to $81.54 a barrel, as of 0731 GMT. U.S. West Texas Intermediate (WTI) crude lost 55 cents, or 0.7%, to $80.24 a barrel.
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
"The White House has been debating how to tackle higher inflation, with some officials calling for the strategic reserve to be tapped, or halting U.S. exports," ANZ analysts said in a report.
Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Brent crude futures fell 63 cents, or 0.8%, to $81.54 a barrel, as of 0731 GMT. U.S. West Texas Intermediate (WTI) crude lost 55 cents, or 0.7%, to $80.24 a barrel.
Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
"The White House has been debating how to tackle higher inflation, with some officials calling for the strategic reserve to be tapped, or halting U.S. exports," ANZ analysts said in a report.
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