Saturday, 14 November , 2020     |     569      |      +      |     

Major Gulf markets rise on higher crude prices; Kuwait bucks the trend

Major Gulf markets rise on higher crude prices; Kuwait bucks the trend : Google
  • Business

Most major Gulf markets gained on Wednesday as crude prices rose on hopes of an effective COVID-19 vaccine, while Kuwait and Qatar markets lost steam after a string of solid gains.

Benchmark Brent oil rose to a more than two-month high above $45 a barrel on hopes of an effective COVID-19 vaccine and an industry report showing U.S. crude inventories fell more than expected. [O/R]


Crude stockpiles fell by 5.1 million barrels last week to about 482 million barrels, industry group data showed on Tuesday, compared with analysts’ expectations in a Reuters poll for a reduction of 913,000 barrels. [API/S]

Saudi Arabia’s benchmark index .TASI ended 0.5% higher, its sixth successive session of gains. Saudi Telecom 7010 gained 2.3%, while oil behemoth and index heavyweight Aramco 2222.SE added 0.4%.

Dubai’s main share index .DFMGI closed 0.8% higher to finish with gains for a sixth straight session.

Lender Emirates NBD Bank ENBD.DU and real estate firm Emaar Malls EMAA.DU led the gains, adding 2% and 2.4%, respectively.

Emaar Malls had gained at least 14% on Tuesday after sounding optimistic about the immediate future of Dubai retail industry for the 2020 remainder.

Dubai’s largest listed developer Emaar Properties EMAR.DU reported a near halving in nine-month profit post-trading hours, but its chairman said he was “cautiously optimistic” about the rest of the year. The stock had closed flat.

The Abu Dhabi index .ADI finished up 1.3%, boosted by First Abu Dhabi Bank FAB.AD and Abu Dhabi Islamic Bank ADIB.AD, which gained 2.8% and 2.5%, respectively.

In Qatar, the index .QSI closed 0.1% lower, with Qatar Industries IQCD.QA shedding about 3%.

Kuwait’s blue-chip index .BKP lost 1.6%, logging in losses for the first time in five sessions.

MSCI reclassified Kuwait stock indexes to emerging markets status from frontier, a move that could funnel at least $2 billion in passive investment flows.

Outside the Gulf, Egypt’s main index .EGX30 declined 0.7%, with tobacco firm Eastern Co EAST.CA shedding about 13%.

SAUDI ARABIA .TASI rose 0.5% to 8,450

ABU DHABI .ADI added 1.3% to 4,832

DUBAI .DFMGI up 0.8% to 2,283

QATAR .QSI rose 0.1% to 10,120

EGYPT .EGX30 down 0.7% to 10,998

BAHRAIN .BAX fell 0.2% to 1,449

OMAN .MSI rose 0.1% to 3,612

KUWAIT .BKP lost 1.6% to 6,233

Kuwait Today Business Subscription

Keywords:
Category: #Business | 2020/11/14 latest update at 7:00 PM
Source : Reuters | Photocredit : Google
570
Comments Add comment

Latest Comments


  
  LinkedIn Gulf Media

Sponsored Publications


Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.


Latest searches in Kuwait Today