Most Gulf stock exchanges close higher as oil prices rise By Reuters


from Atiq Sharif

(Reuters) – Most of the major stock markets in the Gulf region rose at the close on Thursday as oil prices rose, and the value of oil giant Aramco (SE:) approached two trillion.

Crude prices rose by about one percent after the International Energy Agency said that the record rise in prices would boost demand for oil, while Saudi Arabia, the main producer of crude, rejected calls to increase OPEC + production.

It closed up 0.6 percent, with Yanbu National Petrochemical Company (SE:) (Yansab) rising 7.1 percent and Aramco shares 0.8 percent, bringing the company’s market value close to $2 trillion.

The index of energy shares in the Kingdom increased by one percent.

It rose 0.3 percent, with Abu Dhabi Commercial Bank adding 3.2 percent and First Abu Dhabi Bank, the country’s largest bank, adding 0.3 percent.

The UAE’s Aldar Properties and ADQ Holding said on Tuesday they had submitted an offer to the Egyptian Financial Supervisory Authority to acquire up to 90 percent of Egyptian Real Estate Development Company Sixth of October (CA:) for Development and Investment (SODIC).

However, Emaar (DU:) shares stabilized in today’s trading, while SODIC shares increased 0.1 percent.

It closed unchanged, after gains in financial stocks compensated for losses in real estate shares.

Among the gainers was the share of Mashreq Bank (DU:), which jumped 3.6 percent as the bank sought to obtain shareholder approval to increase its share capital.

The Qatari index rose 0.5 percent, supported by a rise in Qatar National Bank, the largest Gulf bank, by 1.1 percent and the petrochemical industry company, Industries Qatar, by 0.7 percent.

The Bahraini index rose 0.3 percent, while the Kuwaiti index stabilized, and the Omani index fell 0.2 percent.

Outside the Gulf region, the benchmark index rose 1.1 percent.

Trade and industry sources told Reuters on Wednesday that Egypt’s exports of liquefied natural gas are expected to rise in October from the previous month.

Saudi Arabia The index rose 0.6 percent to 11,699


Abu Dhabi The index rose 0.3 percent to 7,812 points

Dubai The index stabilized at 2790 points

Qatar The index rose 0.5 to 11,664 points

Egypt The index rose 1.1% to 10,996 points

Bahrain The index rose 0.3 to 1,709 points

Sultanate of Oman The index fell 0.2 percent to 3,956 points

Kuwait The index stabilized at 7,461 points

(Prepared by Mustafa Saleh for the Arabic Bulletin)

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