U.S. oil busts through $90/bbl for first time since 2014 | Reuters
Oil prices surged in late-day trading Thursday, sending the U.S. crude benchmark through $90 a barrel for the first time since 2014 due to ongoing supply worries and as frigid weather cascades across the United States.
Global benchmark Brent crude settled at $91.11 a barrel, up $1.64, or 1.8%, while West Texas Intermediate crude soared $2.01, or 2.3%, higher to end at $90.27 a barrel, the first time the U.S. benchmark has closed above the $90-level since Oct.6, 2014.
Analysts attributed the late rally to growing concerns that extended cold weather could hit production in Texas, exacerbating the tightness in world crude markets.
More than 200,000 people have lost power across the United States due to the cold thus far, and recollections of Storm Ida a year ago that knocked out power to millions of Texans, remain at the fore. read more
Thursday 3 February 2022
Oil prices edge upward, bolstered by supply concerns | Reuters
Oil prices edge upward, bolstered by supply concerns | Reuters
Oil prices edged higher on Thursday, maintaining their upward trajectory built on expectations that supply will tighten further even after OPEC+ producers stuck to planned moderate output increases.
Tight global supplies and geopolitical tensions have boosted oil prices by about 15% so far this year. Demand remains on the upswing, with the Omicron coronavirus variation only temporarily denting consumption in major economies.
The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed to stick to monthly increases of 400,000 barrels per day (bpd) in output despite pressure from consumers to raise supplies more quickly. read more
"With OPEC+ unwinding their production cuts, the group's spare capacity will fall to low levels in 2022. Hopefully by next year there are no mobility restrictions, meaning with the world still expanding oil demand will also rise next year," said Giovanni Staunovo, commodity analyst at UBS.
Brent crude was up 24 cents, or 0.3%, to $89.71 a barrel at 12:35 p.m. EST (1735 GMT). U.S. West Texas Intermediate crude rose 32 cents, or 0.4%, to $88.58 a barrel.
Oil prices edged higher on Thursday, maintaining their upward trajectory built on expectations that supply will tighten further even after OPEC+ producers stuck to planned moderate output increases.
Tight global supplies and geopolitical tensions have boosted oil prices by about 15% so far this year. Demand remains on the upswing, with the Omicron coronavirus variation only temporarily denting consumption in major economies.
The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed to stick to monthly increases of 400,000 barrels per day (bpd) in output despite pressure from consumers to raise supplies more quickly. read more
"With OPEC+ unwinding their production cuts, the group's spare capacity will fall to low levels in 2022. Hopefully by next year there are no mobility restrictions, meaning with the world still expanding oil demand will also rise next year," said Giovanni Staunovo, commodity analyst at UBS.
Brent crude was up 24 cents, or 0.3%, to $89.71 a barrel at 12:35 p.m. EST (1735 GMT). U.S. West Texas Intermediate crude rose 32 cents, or 0.4%, to $88.58 a barrel.
#Saudi exchange announces listing of Gas Arabian Services | Reuters
Saudi exchange announces listing of Gas Arabian Services | Reuters
The Saudi Exchange announced on Thursday that the listing and trading of Gas Arabian Services Co. (GAS) on its parallel market Nomu will start on Monday.
The Dammam-based company offers operational solutions to several industries in Saudi Arabia including the oil and gas, petrochemical, electrical and steel industries, according to its website.
The Saudi Exchange announced on Thursday that the listing and trading of Gas Arabian Services Co. (GAS) on its parallel market Nomu will start on Monday.
The Dammam-based company offers operational solutions to several industries in Saudi Arabia including the oil and gas, petrochemical, electrical and steel industries, according to its website.
Oil prices take a breather, OPEC+ sticks to output plans | Reuters
Oil prices take a breather, OPEC+ sticks to output plans | Reuters
Oil prices fell on Thursday amid profit-taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases.
Brent crude was down 73 cents, or 0.8%, to $88.74 a barrel at 1345 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was down 84 cents, or 0.9%, at $87.42 a barrel, having gained 6 cents the previous day.
"A risk off environment and a modestly stronger dollar are one driver weighing on crude prices," said Giovanni Staunovo, commodity analyst at UBS.
"The other is probably the realization that the geopolitical tensions in Eastern Europe and the Middle East have so far not disrupted oil production."
Oil prices fell on Thursday amid profit-taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases.
Brent crude was down 73 cents, or 0.8%, to $88.74 a barrel at 1345 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was down 84 cents, or 0.9%, at $87.42 a barrel, having gained 6 cents the previous day.
"A risk off environment and a modestly stronger dollar are one driver weighing on crude prices," said Giovanni Staunovo, commodity analyst at UBS.
"The other is probably the realization that the geopolitical tensions in Eastern Europe and the Middle East have so far not disrupted oil production."
Most major Gulf bourses track oil prices lower | Reuters
Most major Gulf bourses track oil prices lower | Reuters
Most major stock markets in the Gulf ended lower on Thursday, as oil prices retreated following weak U.S. payrolls data.
Saudi Arabia's benchmark index (.TASI) dropped 0.4%, extending losses from the previous session, with the kingdom's largest lender Saudi National Bank (1180.SE) losing 1.5% and Riyad Bank (1010.SE) retreating 2.4%.
The kingdom said on Thursday that citizens will be required to take the COVID-19 booster shot to be able to travel abroad starting Feb. 9, state media reported. read more
The kingdom is also requiring visitors to present a negative PCR result before entry.
Major stock markets in the Gulf were mostly in the red due to weaker oil prices, the effect of Omicron on business activity and lower employment figures in the U.S, said Farah Mourad, senior market analyst of XTB MENA.
"Additionally, interest rates decisions in Europe have been weighing on investors' expectations and could affect markets to some extent."
Dubai's main share index (.DFMGI) dropped 0.7%, dragged down by a 1.3% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 4.8% slide in Dubai Financial Market (DFM.DU).
The market remains cautious after the release of the national PMI index which partly reflected the effect of Omicron and geopolitical tension on business activity, according to Mourad.
The UAE said it intercepted three drones that entered its airspace over unpopulated areas early on Wednesday in the fourth such attack on the Gulf commercial and tourism hub in the past few weeks. read more
In Abu Dhabi, the index (.FTFADGI) eased 0.1%, with Emirates Telecommunications Group (ETISALAT.AD) losing 0.2%.
The Qatari index (.QSI) gained 0.4%, led by a 2.3% increase in Qatar Islamic Bank (QISB.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.5%, hit by a 0.5% fall in top lender Commercial International Bank (COMI.CA).
Egyptian non-oil activity in the private sector shrank for a 14th month in January as output levels fell at the strongest pace in over a year and a half and new business volumes declined, a survey showed on Thursday.
Most major stock markets in the Gulf ended lower on Thursday, as oil prices retreated following weak U.S. payrolls data.
Saudi Arabia's benchmark index (.TASI) dropped 0.4%, extending losses from the previous session, with the kingdom's largest lender Saudi National Bank (1180.SE) losing 1.5% and Riyad Bank (1010.SE) retreating 2.4%.
The kingdom said on Thursday that citizens will be required to take the COVID-19 booster shot to be able to travel abroad starting Feb. 9, state media reported. read more
The kingdom is also requiring visitors to present a negative PCR result before entry.
Major stock markets in the Gulf were mostly in the red due to weaker oil prices, the effect of Omicron on business activity and lower employment figures in the U.S, said Farah Mourad, senior market analyst of XTB MENA.
"Additionally, interest rates decisions in Europe have been weighing on investors' expectations and could affect markets to some extent."
Dubai's main share index (.DFMGI) dropped 0.7%, dragged down by a 1.3% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 4.8% slide in Dubai Financial Market (DFM.DU).
The market remains cautious after the release of the national PMI index which partly reflected the effect of Omicron and geopolitical tension on business activity, according to Mourad.
The UAE said it intercepted three drones that entered its airspace over unpopulated areas early on Wednesday in the fourth such attack on the Gulf commercial and tourism hub in the past few weeks. read more
In Abu Dhabi, the index (.FTFADGI) eased 0.1%, with Emirates Telecommunications Group (ETISALAT.AD) losing 0.2%.
The Qatari index (.QSI) gained 0.4%, led by a 2.3% increase in Qatar Islamic Bank (QISB.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.5%, hit by a 0.5% fall in top lender Commercial International Bank (COMI.CA).
Egyptian non-oil activity in the private sector shrank for a 14th month in January as output levels fell at the strongest pace in over a year and a half and new business volumes declined, a survey showed on Thursday.
Oil Declines as Traders Digest OPEC+ Decision to Add Barrels - Bloomberg
Oil Declines as Traders Digest OPEC+ Decision to Add Barrels - Bloomberg
| PRICES |
|---|
|
#Saudi Wealth Fund PIF Reveals Latest Video Game Bet With Nexon Stake - Bloomberg
Saudi Wealth Fund PIF Reveals Latest Video Game Bet With Nexon Stake - Bloomberg
Saudi Arabia’s sovereign wealth fund deepened its bet on video games, fresh from a face-saving deal that turned around its investment in Activision Blizzard Inc.
The fund took a stake worth about $883 million in a Japanese firm that makes titles popular in South Korea and has a tie-up with Hollywood directors behind the Avengers movies to turn their films into computer games.
The Public Investment Fund disclosed a 5.02% stake in Nexon, the company behind role-playing games like MapleStory and Dungeon&Fighter, according to a filing on Thursday. It said the purpose for holding the shares is “pure investment,” and the filing showed the latest purchases were made in the market from Jan. 25 to Jan. 27.
The PIF, as the $500 billion fund is known, has been building up stakes in video game makers and e-sports over the past two years. Its purchase of about 37.9 million shares in Activision Blizzard Inc., which it began acquiring in late 2020, was losing money until Microsoft Corp. agreed to buy out the studio behind the Call of Duty series.
The Saudi fund also has stakes in Electronic Arts Inc and Take Two Interactive Software.
Chaired by Crown Prince Mohammed bin Salman, the Public Investment Fund has earmarked about $10 billion to buy global stocks based on a thematic strategy that focuses on areas including e-commerce and renewables, people familiar with the matter said last month.
Tokyo-based Nexon recently made a $400 million investment in AGBO, the independent film production company co-founded by “Avengers” directors Joe and Anthony Russo, while last year it bought $100 million of Bitcoin
Saudi Arabia’s sovereign wealth fund deepened its bet on video games, fresh from a face-saving deal that turned around its investment in Activision Blizzard Inc.
The fund took a stake worth about $883 million in a Japanese firm that makes titles popular in South Korea and has a tie-up with Hollywood directors behind the Avengers movies to turn their films into computer games.
The Public Investment Fund disclosed a 5.02% stake in Nexon, the company behind role-playing games like MapleStory and Dungeon&Fighter, according to a filing on Thursday. It said the purpose for holding the shares is “pure investment,” and the filing showed the latest purchases were made in the market from Jan. 25 to Jan. 27.
The PIF, as the $500 billion fund is known, has been building up stakes in video game makers and e-sports over the past two years. Its purchase of about 37.9 million shares in Activision Blizzard Inc., which it began acquiring in late 2020, was losing money until Microsoft Corp. agreed to buy out the studio behind the Call of Duty series.
The Saudi fund also has stakes in Electronic Arts Inc and Take Two Interactive Software.
Chaired by Crown Prince Mohammed bin Salman, the Public Investment Fund has earmarked about $10 billion to buy global stocks based on a thematic strategy that focuses on areas including e-commerce and renewables, people familiar with the matter said last month.
Tokyo-based Nexon recently made a $400 million investment in AGBO, the independent film production company co-founded by “Avengers” directors Joe and Anthony Russo, while last year it bought $100 million of Bitcoin
Middle East IPO: JPMorgan, Citi See No End to Demand for Gulf Listings - Bloomberg
Middle East IPO: JPMorgan, Citi See No End to Demand for Gulf Listings - Bloomberg
Frenzied demand for initial public offerings in the Middle East shows no signs of slowing, providing a rare bright spot as investors shun listings from the U.S. to Europe.
Saudi digital security company Elm Co. drew $57 billion in institutional orders for its IPO this week, almost 70 times the targeted proceeds. It priced at the top of its range, as did Scientific & Medical Equipment House Co. for its Riyadh offering.
Investors in Europe and the U.S. have by contrast stayed on the sidelines during recent market turbulence. In New York, more than $4 billion of blank-check offerings have been called off this year, while lack of demand forced U.S. human resources platform Justworks Inc. and Dutch startup WeTransfer to scrap listings. German drugmaker Cheplapharm and Spanish bank Ibercaja delayed IPO plans.
Frenzied demand for initial public offerings in the Middle East shows no signs of slowing, providing a rare bright spot as investors shun listings from the U.S. to Europe.
Saudi digital security company Elm Co. drew $57 billion in institutional orders for its IPO this week, almost 70 times the targeted proceeds. It priced at the top of its range, as did Scientific & Medical Equipment House Co. for its Riyadh offering.
Investors in Europe and the U.S. have by contrast stayed on the sidelines during recent market turbulence. In New York, more than $4 billion of blank-check offerings have been called off this year, while lack of demand forced U.S. human resources platform Justworks Inc. and Dutch startup WeTransfer to scrap listings. German drugmaker Cheplapharm and Spanish bank Ibercaja delayed IPO plans.
#UAE Wealth Funds Mubadala, ADQ Behind $10 Billion #Israel Plans Scout for Deals - Bloomberg
UAE Wealth Funds Mubadala, ADQ Behind $10 Billion Israel Plans Scout for Deals - Bloomberg
Major United Arab Emirates wealth funds have discussed expanding into Israel to advance up to $10 billion in investments over the next decade, according to three people familiar with the talks, in what would be the biggest cash commitment since the nations normalized ties.
The sovereign investors include the $243 billion Mubadala Investment Co. and ADQ, said two of the people, who asked not to be identified discussing confidential discussions between Israeli and UAE officials. The talks are in early stages, they said.
Also on the agenda is the possibility that the funds could open offices in Israel to invest in local venture capital firms, businesses and public projects, according to one of the people. ADQ is looking at investing around $2 billion in total through Abu Dhabi Growth Fund, which sits in its Abu Dhabi headquarters, according to two of the people.
It was not immediately clear which funds would make up the rest of the $10 billion total. Abu Dhabi Investment Authority, the UAE’s largest wealth fund with close to $700 billion in assets under management, is also looking to invest in Israel, two of the people said.
Major United Arab Emirates wealth funds have discussed expanding into Israel to advance up to $10 billion in investments over the next decade, according to three people familiar with the talks, in what would be the biggest cash commitment since the nations normalized ties.
The sovereign investors include the $243 billion Mubadala Investment Co. and ADQ, said two of the people, who asked not to be identified discussing confidential discussions between Israeli and UAE officials. The talks are in early stages, they said.
Also on the agenda is the possibility that the funds could open offices in Israel to invest in local venture capital firms, businesses and public projects, according to one of the people. ADQ is looking at investing around $2 billion in total through Abu Dhabi Growth Fund, which sits in its Abu Dhabi headquarters, according to two of the people.
It was not immediately clear which funds would make up the rest of the $10 billion total. Abu Dhabi Investment Authority, the UAE’s largest wealth fund with close to $700 billion in assets under management, is also looking to invest in Israel, two of the people said.
#Saudi sovereign fund in talks for extension on $15 billion loan - sources | Reuters
Saudi sovereign fund in talks for extension on $15 billion loan - sources | Reuters
Saudi Arabia's sovereign wealth fund is in talks with banks to exercise an extension option on a $15 billion revolving credit facility it took out in March last year, two sources with direct knowledge of the matter said.
The Public Investment Fund's one-year loan was provided by 17 banks and has four extension options.
Sources previously said the loan would be used for general corporate purposes. A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.
PIF, which is chaired by Crown Prince Mohammed bin Salman and is the engine of his economic transformation plans for Saudi Arabia, declined to comment.
"The lenders obviously have the right to say no when they come and ask for an extension, but given that it's a relationship facility, given everything that's happening in Saudi and how much business people are chasing with PIF, I think they'll get most of the banks - if not all of them - rolling their exposures over," one of the sources said.
Saudi Arabia's sovereign wealth fund is in talks with banks to exercise an extension option on a $15 billion revolving credit facility it took out in March last year, two sources with direct knowledge of the matter said.
The Public Investment Fund's one-year loan was provided by 17 banks and has four extension options.
Sources previously said the loan would be used for general corporate purposes. A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.
PIF, which is chaired by Crown Prince Mohammed bin Salman and is the engine of his economic transformation plans for Saudi Arabia, declined to comment.
"The lenders obviously have the right to say no when they come and ask for an extension, but given that it's a relationship facility, given everything that's happening in Saudi and how much business people are chasing with PIF, I think they'll get most of the banks - if not all of them - rolling their exposures over," one of the sources said.
#Saudi SABIC Q4 net profit rises to $1.32bln on higher prices, sales | ZAWYA MENA Edition
Saudi SABIC Q4 net profit rises to $1.32bln on higher prices, sales | ZAWYA MENA Edition
Petrochemicals giant Saudi Basic Industries Corporation (SABIC) on Thursday said it made 4.93 billion riyals ($1.32 billion) in net profit for the fourth quarter 2021, more than double its year-ago effort due mainly to higher selling prices and volumes.
On a sequential quarter basis, the profit was 12 percent lower compared with a net income of 5.59 billion riyals it made in the period ended September 2021.
Analysts on average expected the Q4 profit to hit 5.5 billion riyals, according to Refinitiv data.
Revenue came in at 51.28 billion riyals, a 56 percent increase year-over-year (y-o-y).
Q4 net profit was also impacted by an increase in financial charges mainly driven by the re-measurement of derivatives equity instruments for the forward contracts related to certain joint venture agreements by 0.59 billion riyals, the company said in a statement on Tadawul.
Petrochemicals giant Saudi Basic Industries Corporation (SABIC) on Thursday said it made 4.93 billion riyals ($1.32 billion) in net profit for the fourth quarter 2021, more than double its year-ago effort due mainly to higher selling prices and volumes.
On a sequential quarter basis, the profit was 12 percent lower compared with a net income of 5.59 billion riyals it made in the period ended September 2021.
Analysts on average expected the Q4 profit to hit 5.5 billion riyals, according to Refinitiv data.
Revenue came in at 51.28 billion riyals, a 56 percent increase year-over-year (y-o-y).
Q4 net profit was also impacted by an increase in financial charges mainly driven by the re-measurement of derivatives equity instruments for the forward contracts related to certain joint venture agreements by 0.59 billion riyals, the company said in a statement on Tadawul.
#Saudi non-oil private sector January growth slows amid Omicron surge - PMI | Reuters
Saudi non-oil private sector January growth slows amid Omicron surge - PMI | Reuters
Growth in Saudi Arabia's non-oil private economy slipped again in January, falling to its slowest expansion rate since September amid a sharp rise in COVID-19 cases driven by the Omicron variant, a survey showed on Thursday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) fell to 53.2 in January from 53.9 in December. It decelerated for a fourth straight month to hit its slowest since October 2020, though marked a 17th straight month of expansion.
The output sub-index also notched its fourth consecutive month of deceleration to 56.0 in January from 57.3 in December. Though still a solid pace, it was its slowest since August last year.
"Customer demand in the non-oil sector was quelled by the Omicron variant at the start of the year, leading to slower rises in activity and new business and the softest improvement in business conditions since October 2020. Export sales decreased for the first time since last March, as companies also blamed high costs for global shipping and transport," said David Owen, economist at survey compiler IHS Markit.
Growth in Saudi Arabia's non-oil private economy slipped again in January, falling to its slowest expansion rate since September amid a sharp rise in COVID-19 cases driven by the Omicron variant, a survey showed on Thursday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) fell to 53.2 in January from 53.9 in December. It decelerated for a fourth straight month to hit its slowest since October 2020, though marked a 17th straight month of expansion.
The output sub-index also notched its fourth consecutive month of deceleration to 56.0 in January from 57.3 in December. Though still a solid pace, it was its slowest since August last year.
"Customer demand in the non-oil sector was quelled by the Omicron variant at the start of the year, leading to slower rises in activity and new business and the softest improvement in business conditions since October 2020. Export sales decreased for the first time since last March, as companies also blamed high costs for global shipping and transport," said David Owen, economist at survey compiler IHS Markit.
#UAE, #Saudi Business Conditions Lose Momentum as Covid-19 Weighs - Bloomberg
UAE, Saudi Business Conditions Lose Momentum as Covid-19 Weighs - Bloomberg
Business conditions in the United Arab Emirates and Saudi Arabia rose in January at a lower rate as Covid-19 cases increased, hindering demand.
Conditions in Egypt, however, deteriorated for a 14th consecutive month to the lowest reading since April 2021, according to a Purchasing Managers Index compiled by IHS Markit.
The index for the UAE fell to 54.1 in January from 55.6 at the end of last year, but remained above the 50 mark that separates growth from contraction. Firms in the Gulf country’s non-oil sector faced the quickest increase in cost pressures in the past 10 months, limiting purchasing activity and job creation.
Part of the slowdown “was down to the omicron surge as rising cases led to increased uncertainty among consumers and businesses, as well as tapering the rebound in tourism,” said David Owen, economist at IHS Markit. “Firms face additional challenges from stronger inflationary pressures, global supply chain problems and a possible dip in activity once the Expo ends,” he said, referring to the delayed world fair hosted by Dubai, which is part of the UAE.
Business conditions in the United Arab Emirates and Saudi Arabia rose in January at a lower rate as Covid-19 cases increased, hindering demand.
Conditions in Egypt, however, deteriorated for a 14th consecutive month to the lowest reading since April 2021, according to a Purchasing Managers Index compiled by IHS Markit.
The index for the UAE fell to 54.1 in January from 55.6 at the end of last year, but remained above the 50 mark that separates growth from contraction. Firms in the Gulf country’s non-oil sector faced the quickest increase in cost pressures in the past 10 months, limiting purchasing activity and job creation.
Part of the slowdown “was down to the omicron surge as rising cases led to increased uncertainty among consumers and businesses, as well as tapering the rebound in tourism,” said David Owen, economist at IHS Markit. “Firms face additional challenges from stronger inflationary pressures, global supply chain problems and a possible dip in activity once the Expo ends,” he said, referring to the delayed world fair hosted by Dubai, which is part of the UAE.
Major Gulf bourses mixed in early trade | Reuters
Major Gulf bourses mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Thursday, with the Dubai index falling the most after the United Arab Emirates said it intercepted three drones.
The UAE said it intercepted three drones that entered its airspace over unpopulated areas early on Wednesday in the fourth such attack on the Gulf commercial and tourism hub in the past few weeks. read more
Dubai's main share index (.DFMGI) fell 0.8%, with blue-chip developer Emaar Properties (EMAR.DU) losing more than 1%, while sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) lost 0.3%, hit by a 0.9% fall in telecoms giant Etisalat (ETISALAT.AD).
The first three assaults, including a missile attack on Monday during a visit by Israel's president, were launched by Yemen's Iran-aligned Houthis in an escalation with a military coalition led by Saudi Arabia and which includes the UAE.
Saudi Arabia's benchmark index (.TASI) gained 0.2%, hovering near a 15-year high, with Al Rajhi Bank (1120.SE) rising 0.3%, while Saudi Telecom Company (STC) (7010.SE) added 0.7%.
STC said on Wednesday it would transfer its data centres, international submarine cables and other assets to a new wholly-owned company, a day after news it would invest $1 billion in those assets. read more
OPEC+ agreed on Wednesday to stick to moderate rises in its oil output with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to cap surging prices. read more
However, crude prices eased following weak U.S. payrolls data and some profit taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases.
The Qatari index (.QSI) rose 0.3%, led by a 2.2% gain in Qatar Islamic Bank (QISB.QA).
Among other gainers, Vodafone Qatar (VFQS.QA) climbed 1.1% after reporting an annual profit of 327 million riyals ($89.64 million), a 76.9% surge compared to year ago profit.
Major stock markets in the Gulf were mixed in early trade on Thursday, with the Dubai index falling the most after the United Arab Emirates said it intercepted three drones.
The UAE said it intercepted three drones that entered its airspace over unpopulated areas early on Wednesday in the fourth such attack on the Gulf commercial and tourism hub in the past few weeks. read more
Dubai's main share index (.DFMGI) fell 0.8%, with blue-chip developer Emaar Properties (EMAR.DU) losing more than 1%, while sharia-compliant lender Dubai Islamic Bank (DISB.DU).
In Abu Dhabi, the index (.FTFADGI) lost 0.3%, hit by a 0.9% fall in telecoms giant Etisalat (ETISALAT.AD).
The first three assaults, including a missile attack on Monday during a visit by Israel's president, were launched by Yemen's Iran-aligned Houthis in an escalation with a military coalition led by Saudi Arabia and which includes the UAE.
Saudi Arabia's benchmark index (.TASI) gained 0.2%, hovering near a 15-year high, with Al Rajhi Bank (1120.SE) rising 0.3%, while Saudi Telecom Company (STC) (7010.SE) added 0.7%.
STC said on Wednesday it would transfer its data centres, international submarine cables and other assets to a new wholly-owned company, a day after news it would invest $1 billion in those assets. read more
OPEC+ agreed on Wednesday to stick to moderate rises in its oil output with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to cap surging prices. read more
However, crude prices eased following weak U.S. payrolls data and some profit taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases.
The Qatari index (.QSI) rose 0.3%, led by a 2.2% gain in Qatar Islamic Bank (QISB.QA).
Among other gainers, Vodafone Qatar (VFQS.QA) climbed 1.1% after reporting an annual profit of 327 million riyals ($89.64 million), a 76.9% surge compared to year ago profit.
Oil Ticks Lower as Traders Digest OPEC+ Decision to Add Barrels - Bloomberg video
Oil Ticks Lower as Traders Digest OPEC+ Decision to Add Barrels - Bloomberg
| PRICES |
|---|
|
Subscribe to:
Posts (Atom)