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Oil slipped after market hours on news that the U.S. is considering a potential release from its oil reserves in coordination with allies. Futures in New York closed up 0.2%, before slipping. The Biden administration is considering tapping its emergency supply of oil again in coordination with allies to counter a surge in prices brought on by Russia’s moves against Ukraine, according to two people familiar with the matter. Earlier in the day, crude swung throughout the session with markets focused on ongoing Russia-Ukraine tensions while weighing a potential conclusion to nuclear talks with Iran, which could add supply to the market. Earlier, Ukraine said several government and bank websites are not functioning due to a distributed denial-of-service attack government. Last week, Ukraine said it suffered its wost DDoS attack in its history. On Tuesday, U.S. President Joe Biden announced sanctions targeting Russia’s sale of sovereign debt abroad and the country’s elites, responding to what he described as the start of an invasion of Ukraine, but avoided a sweeping package of penalties. |
Wednesday, 23 February 2022
Oil Slips After Close as U.S. Eyes SPR Release to Quell Prices - Bloomberg
Oil Slips After Close as U.S. Eyes SPR Release to Quell Prices - Bloomberg
Majid Al Futtaim swings to profit in 2021 amid continued economic recovery
Majid Al Futtaim swings to profit in 2021 amid continued economic recovery
Majid Al Futtaim, one of Dubai’s biggest private sector conglomerates and the Middle East's largest malls operator, swung to a profit in 2021 amid continued economic recovery in the region and despite lingering pandemic-related uncertainties.
Group net profit for the 12 months to the end of December surged to Dh2.46 billion ($670 million) from a net loss of Dh2.71bn recorded a year earlier, the privately held company said in a regulatory filing to Nasdaq Dubai, where its debt trades.
Earnings before interest, taxes, depreciation and amortisation rose to Dh3.91bn at the end of last year from Dh3.76bn in the 2020 financial year.
Revenue during the reporting period dropped 1 per cent year-on-year to Dh32.29bn.
Majid Al Futtaim, one of Dubai’s biggest private sector conglomerates and the Middle East's largest malls operator, swung to a profit in 2021 amid continued economic recovery in the region and despite lingering pandemic-related uncertainties.
Group net profit for the 12 months to the end of December surged to Dh2.46 billion ($670 million) from a net loss of Dh2.71bn recorded a year earlier, the privately held company said in a regulatory filing to Nasdaq Dubai, where its debt trades.
Earnings before interest, taxes, depreciation and amortisation rose to Dh3.91bn at the end of last year from Dh3.76bn in the 2020 financial year.
Revenue during the reporting period dropped 1 per cent year-on-year to Dh32.29bn.
#Saudi Wealth Fund Weighs Options for Aramco Stake - Bloomberg
Saudi Wealth Fund Weighs Options for Aramco Stake - Bloomberg
Saudi Arabia’s sovereign wealth fund has kicked off discussions about how to monetize its roughly $86 billion stake in the world’s largest energy company as it seeks to raise funds for ambitious investment goals, people familiar with the matter said.
The Public Investment Fund is evaluating options for its 4% holding in Saudi Aramco, the people said, asking not to be identified as the matter is private. Potential advisers are pitching a range of possibilities, including a full or partial sale of the stake, or raising money by pledging the stock against the issue of convertible debt instruments or loans, the people said.
Talks are at an early stage, and it hasn’t made any decisions on which path to pursue, the people said. A representative for PIF declined to comment.
The Saudi government transferred the 4% stake to PIF earlier this month. That was shortly after Bloomberg News reported that officials were discussing a fresh stock offering of the company, which raised almost $30 billion in a 2019 initial public offering. The government still holds 94% of Aramco, while the free float is around 2%.
Saudi Arabia’s sovereign wealth fund has kicked off discussions about how to monetize its roughly $86 billion stake in the world’s largest energy company as it seeks to raise funds for ambitious investment goals, people familiar with the matter said.
The Public Investment Fund is evaluating options for its 4% holding in Saudi Aramco, the people said, asking not to be identified as the matter is private. Potential advisers are pitching a range of possibilities, including a full or partial sale of the stake, or raising money by pledging the stock against the issue of convertible debt instruments or loans, the people said.
Talks are at an early stage, and it hasn’t made any decisions on which path to pursue, the people said. A representative for PIF declined to comment.
The Saudi government transferred the 4% stake to PIF earlier this month. That was shortly after Bloomberg News reported that officials were discussing a fresh stock offering of the company, which raised almost $30 billion in a 2019 initial public offering. The government still holds 94% of Aramco, while the free float is around 2%.
Oil rises as Ukraine issues state of emergency, suffers cyber attacks | Reuters
Oil rises as Ukraine issues state of emergency, suffers cyber attacks | Reuters
Oil prices reversed earlier losses on Wednesday, rising on reports that Ukraine's government, foreign ministry and state security service were affected by a cyberattack.
Brent crude was up $1.48, or 1.5%, to $98.32 a barrel at 10:38 a.m. EDT (1538 GMT), after hitting $99.50 on Tuesday, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures rose $1.58, or 1.7%, to $93.47 a barrel, after reaching $96 on Tuesday.
U.S. stocks slipped on Wednesday after giving up all of the opening gains as reports of cyberattacks on several Ukrainian state websites added to fears about escalating tensions with Russia. read more
Oil prices reversed earlier losses on Wednesday, rising on reports that Ukraine's government, foreign ministry and state security service were affected by a cyberattack.
Brent crude was up $1.48, or 1.5%, to $98.32 a barrel at 10:38 a.m. EDT (1538 GMT), after hitting $99.50 on Tuesday, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures rose $1.58, or 1.7%, to $93.47 a barrel, after reaching $96 on Tuesday.
U.S. stocks slipped on Wednesday after giving up all of the opening gains as reports of cyberattacks on several Ukrainian state websites added to fears about escalating tensions with Russia. read more
Aramco Closes $15.5 Billion BlackRock-Led Gas Pipeline Deal - Bloomberg
Aramco Closes $15.5 Billion BlackRock-Led Gas Pipeline Deal - Bloomberg
Saudi Aramco closed a deal to sell a stake in its natural-gas pipelines for $15.5 billion and entered into a pact with BlackRock Inc. to explore low carbon energy projects.
An investor group, led by BlackRock, acquired a 49% stake in Aramco Gas Pipelines Co. in a lease and leaseback deal in December, according to a statement. The consortium also comprised Keppel Infrastructure Trust, Silk Road Fund, China Merchants Capital, and Saudi Arabia’s state-owned Hassana Investment Co.
BlackRock’s investment comes even as Chief Executive Officer Larry Fink puts pressure on firms to boost environmental, social and governance, or ESG, standards. Gas is a cleaner fuel than crude oil but still contributes to heating the plant.
“Getting to a net zero world will not happen overnight,” Fink said in the statement. “It requires us to shift the energy mix in incremental steps to achieve a green energy future. Bold, forward-thinking incumbents like Aramco have the technical expertise and capital to play a crucial role in this transformation.”
The 20-year arrangement “represents further progress in Aramco’s portfolio optimization program and highlights the strong investment opportunities presented by Aramco’s significant infrastructure assets,” according to the statement.
The deal is part of Saudi Arabia’s drive to sell assets and use the money to fund new industries from artificial intelligence to electric vehicles, while also increasing output of both oil and gas. In a similarly-structured transaction in April, Aramco sold a $12.4 billion stake related to its oil pipelines to investors including Washington-based EIG.
Saudi Aramco closed a deal to sell a stake in its natural-gas pipelines for $15.5 billion and entered into a pact with BlackRock Inc. to explore low carbon energy projects.
An investor group, led by BlackRock, acquired a 49% stake in Aramco Gas Pipelines Co. in a lease and leaseback deal in December, according to a statement. The consortium also comprised Keppel Infrastructure Trust, Silk Road Fund, China Merchants Capital, and Saudi Arabia’s state-owned Hassana Investment Co.
BlackRock’s investment comes even as Chief Executive Officer Larry Fink puts pressure on firms to boost environmental, social and governance, or ESG, standards. Gas is a cleaner fuel than crude oil but still contributes to heating the plant.
“Getting to a net zero world will not happen overnight,” Fink said in the statement. “It requires us to shift the energy mix in incremental steps to achieve a green energy future. Bold, forward-thinking incumbents like Aramco have the technical expertise and capital to play a crucial role in this transformation.”
The 20-year arrangement “represents further progress in Aramco’s portfolio optimization program and highlights the strong investment opportunities presented by Aramco’s significant infrastructure assets,” according to the statement.
The deal is part of Saudi Arabia’s drive to sell assets and use the money to fund new industries from artificial intelligence to electric vehicles, while also increasing output of both oil and gas. In a similarly-structured transaction in April, Aramco sold a $12.4 billion stake related to its oil pipelines to investors including Washington-based EIG.
#Saudi Al Dawaa Sees Profit Surge After IPO Draws Strong Demand - Bloomberg
Saudi Al Dawaa Sees Profit Surge After IPO Draws Strong Demand - Bloomberg
Al Dawaa Medical Services Co. expects profit to grow at least 30% this year, its chief executive officer said, after the Saudi pharmacy chain set the price range of its initial public offering at the top end of a range.
“We have strong potential growth coming over the next three years as a result of the investments we have made” in infrastructure, Mohammed Al-Farraj said in an interview. “Al Dawaa will be doing not less than 30%-40% profit growth this year compared to 2021.”
The pharmacy retail chain joined a string of firms, including its larger rival Al Nahdi Medical Co., tapping the kingdom’s equity market as strong investor demand props up share sales. Al Dawaa is seeking as much as $500 Million from its IPO.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making Riyadh the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg.
The most recent IPO wave has already seen a digital security firm owned by the kingdom’s wealth fund draw about $57 billion in orders from institutional investors. Al Dawaa’s IPO attracted demand of more than $25 billion ahead of its retail offering.
The firm operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 billion riyals ($1.3 billion) and profit of 246 million riyals in 2020 compared with 4 billion riyals and 233 million riyals year ago, respectively.
More from the CEO:
Al Dawaa Medical Services Co. expects profit to grow at least 30% this year, its chief executive officer said, after the Saudi pharmacy chain set the price range of its initial public offering at the top end of a range.
“We have strong potential growth coming over the next three years as a result of the investments we have made” in infrastructure, Mohammed Al-Farraj said in an interview. “Al Dawaa will be doing not less than 30%-40% profit growth this year compared to 2021.”
The pharmacy retail chain joined a string of firms, including its larger rival Al Nahdi Medical Co., tapping the kingdom’s equity market as strong investor demand props up share sales. Al Dawaa is seeking as much as $500 Million from its IPO.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making Riyadh the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg.
The most recent IPO wave has already seen a digital security firm owned by the kingdom’s wealth fund draw about $57 billion in orders from institutional investors. Al Dawaa’s IPO attracted demand of more than $25 billion ahead of its retail offering.
The firm operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 billion riyals ($1.3 billion) and profit of 246 million riyals in 2020 compared with 4 billion riyals and 233 million riyals year ago, respectively.
More from the CEO:
- Estimates Al Dawaa’s profit to rise by “not less than 15-20% a year” after 2022
- “Will continue paying dividends of around 50%-60% of profit on a continuous basis”
Gulf bourses end mixed, #Dubai gains 0.8% | Reuters
Gulf bourses end mixed, Dubai gains 0.8% | Reuters
Markets in the Middle East were mixed at close on Wednesday, with Dubai's main index (.DFMGI) ending 0.8% higher, as investors wait to see Russian President Vladimir Putin's next move after he sent troops into separatist regions of Ukraine.
The initial push to send soldiers to Donetsk and Luhansk this week triggered coordinated but modest sanctions from Western countries, albeit with the prospect of more to come if Moscow seeks to push further into the country.
"The Dubai stock market opened on the upside after a volatile session yesterday as investors price in the developments in Europe. The market could record a new high if no new geopolitical shocks happen in the coming days as the Emirate continues to benefit from the gradual removal of sanitary restrictions," said Eman AlAyyaf, CEO of EA Trading.
The index rose 0.8% in its first session of gains in five. Emirates NBD Bank (ENBD.DU) gained 1.5% and Dubai Islamic Bank (DISB.DU) 1.8%.
In Abu Dhabi, the index (.FTFADGI) ended nearly flat.
The Qatari index (.QSI) reversed losses from earlier in the session to end 0.5% higher, marking its third consecutive day of gains.
Saudi Arabia's benchmark index (.TASI) fell 0.33%, as financial stocks weighed on sentiment. The index posted its biggest fall in ten days.
Real estate firm Arabian Centers (4321.SE) gained 2.2% after it said the judicial authority had decided to reinstate the title deed of the company's owned land on King Khalid road.
Shares of Saudi Aramco (2222.SE) closed 3.3% higher. The company is in talks with partners in China about further investments in the country. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended flat.
Markets in the Middle East were mixed at close on Wednesday, with Dubai's main index (.DFMGI) ending 0.8% higher, as investors wait to see Russian President Vladimir Putin's next move after he sent troops into separatist regions of Ukraine.
The initial push to send soldiers to Donetsk and Luhansk this week triggered coordinated but modest sanctions from Western countries, albeit with the prospect of more to come if Moscow seeks to push further into the country.
"The Dubai stock market opened on the upside after a volatile session yesterday as investors price in the developments in Europe. The market could record a new high if no new geopolitical shocks happen in the coming days as the Emirate continues to benefit from the gradual removal of sanitary restrictions," said Eman AlAyyaf, CEO of EA Trading.
The index rose 0.8% in its first session of gains in five. Emirates NBD Bank (ENBD.DU) gained 1.5% and Dubai Islamic Bank (DISB.DU) 1.8%.
In Abu Dhabi, the index (.FTFADGI) ended nearly flat.
The Qatari index (.QSI) reversed losses from earlier in the session to end 0.5% higher, marking its third consecutive day of gains.
Saudi Arabia's benchmark index (.TASI) fell 0.33%, as financial stocks weighed on sentiment. The index posted its biggest fall in ten days.
Real estate firm Arabian Centers (4321.SE) gained 2.2% after it said the judicial authority had decided to reinstate the title deed of the company's owned land on King Khalid road.
Shares of Saudi Aramco (2222.SE) closed 3.3% higher. The company is in talks with partners in China about further investments in the country. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended flat.
Oil steady as Russia-Ukraine supply fears wane | Reuters
Oil steady as Russia-Ukraine supply fears wane | Reuters
Oil prices on Wednesday fell from seven-year highs hit the previous day after a first wave of U.S. and European sanctions on Russia appeared unlikely to disrupt oil supplies.
Brent crude was down 27 cents, or 0.2%, to $96.57 a barrel at 1247 GMT, after hitting $99.50 on Tuesday, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.3%, to $91.55 a barrel, after reaching $96 on Tuesday.
Prices jumped on Tuesday on worries that Western sanctions imposed on Russia after it sent troops into two regions in eastern Ukraine could hit energy supplies.
Oil prices on Wednesday fell from seven-year highs hit the previous day after a first wave of U.S. and European sanctions on Russia appeared unlikely to disrupt oil supplies.
Brent crude was down 27 cents, or 0.2%, to $96.57 a barrel at 1247 GMT, after hitting $99.50 on Tuesday, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.3%, to $91.55 a barrel, after reaching $96 on Tuesday.
Prices jumped on Tuesday on worries that Western sanctions imposed on Russia after it sent troops into two regions in eastern Ukraine could hit energy supplies.
Tel Aviv Stock Exchange looks for investor base in #UAE | Reuters
Tel Aviv Stock Exchange looks for investor base in UAE | Reuters
Israel's stock exchange said on Wednesday it was searching for new investors in the United Arab Emirates (UAE) to partner with leading companies traded in Tel Aviv.
The Tel Aviv Stock Exchange (TASE) is working with the UAE Embassy in Tel Aviv and the Dubai International Chamber to match Israeli companies with Emirati strategic investors at a conference in Dubai Feb. 28 to March 3.
"The objective ... is to expose UAE investors to leading Israeli companies," said Ittai Ben-Zeev, chief executive of the TASE.
Israel and the UAE normalised relations in 2020 and are looking to boost economic cooperation. Bilateral trade has already topped $1 billion.
More than 20 companies will participate in the delegation to Dubai, including Bezeq Israel Telecom (BEZQ.TA), food producer Strauss (STRS.TA), Enlight Renewable Energy (ENLT.TA) and insurance firm Phoenix .
"As firm believers that peace leads to prosperity, we will help Israel companies open new markets and reach global scale," said Mohamed Al Khaja, the UAE's Ambassador to Israel.
"We must link our financial institutions, ease financial transactions, the flow of capital and investments to realize the true potential of the two markets working together in unison."
Israel's stock exchange said on Wednesday it was searching for new investors in the United Arab Emirates (UAE) to partner with leading companies traded in Tel Aviv.
The Tel Aviv Stock Exchange (TASE) is working with the UAE Embassy in Tel Aviv and the Dubai International Chamber to match Israeli companies with Emirati strategic investors at a conference in Dubai Feb. 28 to March 3.
"The objective ... is to expose UAE investors to leading Israeli companies," said Ittai Ben-Zeev, chief executive of the TASE.
Israel and the UAE normalised relations in 2020 and are looking to boost economic cooperation. Bilateral trade has already topped $1 billion.
More than 20 companies will participate in the delegation to Dubai, including Bezeq Israel Telecom (BEZQ.TA), food producer Strauss (STRS.TA), Enlight Renewable Energy (ENLT.TA) and insurance firm Phoenix .
"As firm believers that peace leads to prosperity, we will help Israel companies open new markets and reach global scale," said Mohamed Al Khaja, the UAE's Ambassador to Israel.
"We must link our financial institutions, ease financial transactions, the flow of capital and investments to realize the true potential of the two markets working together in unison."
#Saudi Arabian Miner Amak Seeks $332 Million From IPO - Bloomberg
Saudi Arabian Miner Amak Seeks $332 Million From IPO - Bloomberg
Saudi Arabia’s Al Masane Al Kobra Mining Co. is seeking to raise as much as $332 million from an IPO, joining a string of firms tapping the kingdom’s equity market.
The initial public offering’s price range has been set at 58 riyals ($15.46) to 63 riyals, according to a statement. Institutional book-building for 19.8 million shares started Wednesday and ends on March 1. It’ll be followed by a three-day retail offering starting March 9.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making it the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg. The most recent wave has already seen a digital security firm owned by the kingdom’s wealth fund draw about $57 billion in orders from institutional investors.
Privately held Al Masane Al Kobra, also known as Amak, would be joining state-controlled miner Maaden on the country’s stock market with a listing. The company mines for copper, zinc, silver, gold and other base metals, and owns multiple exploration sites in the southwest region of Saudi Arabia, according to its website.
Al Rajhi Capital is managing the IPO for Amak.
Saudi Arabia’s Al Masane Al Kobra Mining Co. is seeking to raise as much as $332 million from an IPO, joining a string of firms tapping the kingdom’s equity market.
The initial public offering’s price range has been set at 58 riyals ($15.46) to 63 riyals, according to a statement. Institutional book-building for 19.8 million shares started Wednesday and ends on March 1. It’ll be followed by a three-day retail offering starting March 9.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making it the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg. The most recent wave has already seen a digital security firm owned by the kingdom’s wealth fund draw about $57 billion in orders from institutional investors.
Privately held Al Masane Al Kobra, also known as Amak, would be joining state-controlled miner Maaden on the country’s stock market with a listing. The company mines for copper, zinc, silver, gold and other base metals, and owns multiple exploration sites in the southwest region of Saudi Arabia, according to its website.
Al Rajhi Capital is managing the IPO for Amak.
First #AbuDhabi Bank takes orders for $500 million sukuk | Reuters
First Abu Dhabi Bank takes orders for $500 million sukuk | Reuters
First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, is expected to sell $500 million in Islamic bonds on Wednesday and has begun taking orders, bank documents showed.
Initial price guidance for the sukuk was around 85 basis points over U.S. Treasuries, according to the document from one of the banks on the deal, which is expected to launch later on Wednesday.
Dubai Islamic Bank (DISB.DU), Emirates NBD Capital (ENBD.DU), First Abu Dhabi Bank, KFH Capital (KFH.KW), Saudi National Bank (1180.SE), Sharjah Islamic Bank (SIB.AD), Standard Chartered (STAN.L) and The Islamic Corporation for the Development of the Private Sector are arranging the debt sale.
First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, is expected to sell $500 million in Islamic bonds on Wednesday and has begun taking orders, bank documents showed.
Initial price guidance for the sukuk was around 85 basis points over U.S. Treasuries, according to the document from one of the banks on the deal, which is expected to launch later on Wednesday.
Dubai Islamic Bank (DISB.DU), Emirates NBD Capital (ENBD.DU), First Abu Dhabi Bank, KFH Capital (KFH.KW), Saudi National Bank (1180.SE), Sharjah Islamic Bank (SIB.AD), Standard Chartered (STAN.L) and The Islamic Corporation for the Development of the Private Sector are arranging the debt sale.
Gulf bourses trade mixed; Saudi down 0.5% | Reuters
Gulf bourses trade mixed; Saudi down 0.5% | Reuters
Most Gulf bourses traded flat on Wednesday, as oil prices took a breather following a surge in the previous session and global stocks steadied after a recent escalation in tensions between Russia and Ukraine.
Oil prices were at $97.14 a barrel at 0442 GMT, as it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supplies.
Western nations and Japan on Tuesday punished Russia with new sanctions for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion of its neighbour.
Dubai's main share index (.DFMGI) was up marginally, supported by a 0.8% gain in Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) was down 0.1%, after ending the previous session 0.6% higher.
The Qatari index (.QSI) was down 0.3%, with financial stocks falling the most. Qatar Islamic Bank (QISB.QA) was down 2% and Commercial Bank (COMB.QA) fell nearly 1%.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, also dragged by financial stocks. The index is on course for its biggest fall in ten days.
Real estate company Arabian Centers (4321.SE) gained 5.6% after it said the judicial authority had decided to reinstate the title deed of the company's owned land on King Khalid road.
Saudi Aramco's (2222.SE) shares rose 0.4%. The company is in talks with partners in China about further investments in the country, CEO Amin Nasser said on Monday.
Saudi financial markets were shut on Tuesday.
Most Gulf bourses traded flat on Wednesday, as oil prices took a breather following a surge in the previous session and global stocks steadied after a recent escalation in tensions between Russia and Ukraine.
Oil prices were at $97.14 a barrel at 0442 GMT, as it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supplies.
Western nations and Japan on Tuesday punished Russia with new sanctions for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion of its neighbour.
Dubai's main share index (.DFMGI) was up marginally, supported by a 0.8% gain in Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) was down 0.1%, after ending the previous session 0.6% higher.
The Qatari index (.QSI) was down 0.3%, with financial stocks falling the most. Qatar Islamic Bank (QISB.QA) was down 2% and Commercial Bank (COMB.QA) fell nearly 1%.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, also dragged by financial stocks. The index is on course for its biggest fall in ten days.
Real estate company Arabian Centers (4321.SE) gained 5.6% after it said the judicial authority had decided to reinstate the title deed of the company's owned land on King Khalid road.
Saudi Aramco's (2222.SE) shares rose 0.4%. The company is in talks with partners in China about further investments in the country, CEO Amin Nasser said on Monday.
Saudi financial markets were shut on Tuesday.
Oil steadies on waning supply worries over Ukraine crisis | Reuters
Oil steadies on waning supply worries over Ukraine crisis | Reuters
Oil prices stabilised on Wednesday after hitting seven-year highs in the last session as it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supplies.
At the same time, the potential return of more Iranian crude to the market, with Tehran and world powers close to reviving a nuclear agreement, also kept a lid on prices.
Brent crude rose 11 cents, or 0.01%, to $96.95 a barrel at 0730 GMT, after soaring as high as $99.50 on Tuesday, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures were up 6 cents, or 0.07%, to $91.97 a barrel, after hitting $96 on Tuesday.
"The NATO allies are holding back some punitive measures as bargaining chips, which also means the door to diplomacy is still open. The Iran nuclear deal remains a possibility until it is not," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Oil prices stabilised on Wednesday after hitting seven-year highs in the last session as it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supplies.
At the same time, the potential return of more Iranian crude to the market, with Tehran and world powers close to reviving a nuclear agreement, also kept a lid on prices.
Brent crude rose 11 cents, or 0.01%, to $96.95 a barrel at 0730 GMT, after soaring as high as $99.50 on Tuesday, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures were up 6 cents, or 0.07%, to $91.97 a barrel, after hitting $96 on Tuesday.
"The NATO allies are holding back some punitive measures as bargaining chips, which also means the door to diplomacy is still open. The Iran nuclear deal remains a possibility until it is not," said Vandana Hari, founder of oil market analysis provider Vanda Insights.