June 3, 2020 / 1:35 PM / a month ago

MIDEAST STOCKS-Most markets gain, Saudi retreats amid falling oil prices

    * Nine of 11 Saudi Arabian banks decline
    * Dubai reopens malls and private businesses
    * QNB markets 5-yr Chinese yuan-denominated bonds

    By Ateeq Shariff
    June 3 (Reuters) - Most stock markets in the Gulf region
closed higher on Wednesday, with Qatar rising the most, while
the Saudi index fell after oil prices weakened due to doubts
about an early meeting of OPEC+ nations.
    OPEC leader Saudi Arabia and non-OPEC Russia have
preliminary agreed to extend existing record oil production cuts
by one month, sources told Reuters.
    But oil prices retreated after Bloomberg reported that the
Thursday meeting was in doubt. Brent crude futures for August
 were down 31 cents, or 0.8%, at $39.26 by 1310 GMT,
having earlier touched their highest since March 6.
    Saudi Arabian benchmark index lost 0.9%, with Al
Rajhi Bank dropping 1% and petrochemical maker Saudi
Basic Industries declining 1.8%.
    In Dubai, the index firmed 0.8%, with
sharia-compliant lender Dubai Islamic Bank rising 2%
and logistics firm Aramex leaping 3.8%.
    Dubai will allow the full reopening of malls and private
businesses starting on Wednesday, its media office said on
Tuesday, after the United Arab Emirates business hub began
easing restrictions last month.
    Elsewhere, Emaar Malls advanced 2.2%.
    The Qatari index gained 1.6%, as most of the
constituents on the index ended higher, including petrochemical
firm Industries Qatar, which was up 5.9%.
    Qatar National Bank (QNB) added 1.2%. The Gulf's
largest lender is marketing five-year Chinese yuan-denominated
bonds at a final price guidance of 3.8%, Reuters reported on
Wednesday citing two sources.
    The Abu Dhabi index edged up 0.2%, helped by a 4.6%
increase in Abu Dhabi Commercial Bank.
    Outside the Gulf, Egypt's blue-chip index increased
0.8%, led by a 1.3% gain in Commercial International Bank
.
    
 SAUDI ARABIA          fell 0.9% to 7,222 
 ABU DHABI            edged up 0.2% to 4,285 
 DUBAI                  added 0.8% to 2,000 
 QATAR                rose 1.6% to 9,213 
 EGYPT                  up 0.9% to 10,424 
 BAHRAIN              was up 0.5% at 1,275 
 OMAN                 slipped 0.2% to 3,535 
 KUWAIT               was down 0.2% at 5,458 
 
 (Reporting by Ateeq Shariff in Bengaluru; editing by
Uttaresh.V)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below