MIDEAST STOCKS Major Gulf stock exchanges mixed at the start of trading
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An investor looks at the screen of the Dubai International Financial Market in Dubai, the United Arab Emirates on February 7, 2018. REUTERS / Satish Kumar
October 5 (Reuters) – Major Gulf stock markets posted a mixed performance Tuesday morning, with the Saudi index outperforming the region as oil prices rose.
Saudi Arabia’s benchmark (.TASI) gained 0.4%, with Al Rajhi Bank (1120.SE) gaining 1.3% and Saudi Aramco (2222.SE), the world’s largest exporter of oil, up 1.2%.
Aramco will complete its plan to expand oil production by one million barrels per day (bpd) by 2027 to bring total production to 13 million bpd, its CEO said on Monday.
Aramco also aims to expand its oil trading business to 8 million bpd over the next 5 years, up from 5.5 million bpd currently, he added.
Saudi Arabia’s non-oil exports amounted to 255 billion riyals ($ 67.99 billion) from June 2020 to June 2021, the highest in the kingdom’s history, the minister said on Monday. Information designated at a press conference.
The Qatari index (.QSI) rose 0.2%, helped by a 0.5% increase in petrochemicals maker Industries Qatar (IQCD.QA).
Oil prices hit their highest level in at least three years as they extended gains triggered the previous session by the decision of the world’s major oil producers to maintain a cap on crude supplies.
Asian stocks fell for a third straight session as investors feared rising oil prices fueled inflationary pressures caused by supply chain disruptions.
In Abu Dhabi, the index (.ADI) fell 0.2%, weighed down by a drop of 1.1% from the country’s largest lender, First Abu Dhabi Bank (FAB.AD).
Dubai’s main stock index (.DFMGI) fell 0.9%, prolonging losses for a second session, driven by a 3.9% drop in Emirates Bank NBD (ENBD.DU).
The UAE’s non-oil private sector continued to expand in September, as the recovery from the COVID-19 pandemic in the Middle East’s trade and tourism hub was strong, although job creation was strong. slowed down, a business survey revealed Tuesday. Read more
UAE companies hired for the fourth month in a row, but the rate of job creation slowed and was marginal.
($ 1 = 3.7503 riyals)
Reporting by Ateeq Shariff in Bangalore; edited by Barbara Lewis
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