June 2, 2020 / 1:18 PM / in a month

MIDEAST STOCKS-Abu Dhabi outperforms; Saudi retreats

    * Etisalat leaps on unit's deal
    * FAB sells $500 mln in Formosa bonds - sources
    * Saudi Aramco falls ahead of OPEC+ meeting

    By Ateeq Shariff
    June 2 (Reuters) - Most major stock markets in the Middle
East closed higher on Tuesday, with Abu Dhabi outperforming the
region, whereas the Saudi index retreated ahead of an OPEC+
meeting on output cuts.
    In Abu Dhabi, the index advanced 2.6%, boosted by a
4.9% surge in Emirates Telecommunications (Etisalat)
, after its Egyptian unit Etisalat Misr and Telecom
Egypt signed transmission and mobile-to-fixed
interconnection agreements on Monday.
    The deal will enable Etisalat Misr to continue delivering
premium offers and mobile telecommunications services to
customers in Egypt.
    Elsewhere, First Abu Dhabi Bank (FAB) gained 2.7%. 
    The United Arab Emirates' (UAE) largest lender sold $500
million in privately placed 30-year Formosa bonds with a 0%
coupon last month, Reuters reported, citing two sources.

    Dubai's main share index edged up 0.1%, with budget
airline Air Arabia advancing 3.7%.
    The state news agency in the UAE, which suspended entry of
non-Emirati residents on March 19, said residents with relatives
in the country could start returning as of June 1. 
    Qatar's index ended up 0.5%, as Qatar National Bank
 gained 1.1%.
    Saudi Arabia's benchmark index slipped 0.1%, hurt by
a 0.8% fall in oil giant Saudi Aramco ahead of an
OPEC+ meeting.
    OPEC+ producers are considering extending their production
cuts of 9.7 million barrels per day (bpd), equivalent to about
10% of global production, into July or August, at an online
meeting expected to be held on June 4.
    Outside the Gulf, Egypt's blue-chip index rose 1%,
with most constituents in positive territory and market
heavyweight Commercial International Bank up 0.9%.

 SAUDI ARABIA          fell 0.1% to 7,285 points
 ABU DHABI            gained 2.6%% to 4,277 points
 DUBAI                  rose 0.5% to 1,984 points
 QATAR                added 0.5% to 9,067 points
 EGYPT                  up 1% to 10,339 points
 BAHRAIN              was flat at 1,270 points
 OMAN                 edged up 0.2% to 3,540 points
 KUWAIT               was up 0.4% at 5,462 points
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Mark
Potter)
  
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