Tuesday 28 November 2023

Most Gulf markets rise on strong oil prices | Reuters

Most Gulf markets rise on strong oil prices | Reuters


Most stock markets in the Gulf ended higher on Tuesday on rising oil prices amid expectations that the OPEC+ producer group would deepen and extend output cuts.

Oil prices - a catalyst for the Gulf's financial markets - were up 1.1% on Tuesday with Brent trading at $80.82 a barrel by 1240 GMT.

OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, is due to hold a ministerial meeting on Thursday to discuss production targets for 2024.

Dubai's benchmark index (.DFMGI) was up for a third consecutive session, ending 0.4% higher, with almost all sectors in the green.

The real estate developer Emaar Properties (EMAR.DU) surged 2.7% and Emirate's largest lender Emirates NBD (ENBD.DU) climbed 1.1%.

In Abu Dhabi, the benchmark index (.FTFADGI) rose 0.3%, helped by a 1.1% gain in conglomerate Alpha Dhabi (ALPHADHABI.AD) and 1.8% surge in Abu Dhabi National Oil Company for Distribution(ADNOCDIST.AD).

Saudi Arabia's benchmark index (.TASI) gained 0.2%, snapping the previous session of losses, supported by gains in energy, finance, healthcare and materials sectors.

Lumi Rental (4262.SE) advanced 2.4% and Dr Sulaiman Al Habib Medical Services (4013.SE) climbed 3.7%.

The Qatari index (.QSI) was down for a fifth straight session and ended 0.2% lower, weighed down by a 0.9% drop in Industries Qatar (IQCD.QA) and 2.7% decline in Qatar Navigation(QNNC.QA).

However, the Gulf's largest lender, Qatar National Bank (QNBK.QA), and Qatar Islamic Bank (QISB.QA) gained 0.8% and 0.9% respectively.

Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 3% with all sectors in the red.

Commercial International Bank (COMI.CA) declined 4.8% and Eastern Co(EAST.CA) lost 4.4%.

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