MIDEAST STOCKS Most Gulf stocks rise as trade begins, Saudi Arabia extends gains on rising oil prices

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A trader exits the Bahrain Stock Exchange in Manama, Bahrain on November 5, 2020. REUTERS / Hamad I Mohammed

Sept. 28 (Reuters) – Most major Gulf stock markets rose early in Tuesday, with petrochemical stocks helping the Saudi index as oil extends gains to a sixth day, while a few company announcements have pushed the Abu Dhabi index up.

Oil markets climbed for a sixth day on Tuesday, reversing earlier losses, amid fears of tight supply, while soaring liquefied natural gas (LNG) and coal prices also provided support. Read more

Brent crude futures (.LCOc1) rose 1.3% to $ 80.58 per barrel at 6:45 am GMT.

Saudi Arabia’s benchmark index (.TASI) was trading up 0.2%, on track for a third consecutive daily rise.

Saudi Basic Industries increased by 1.3%, its fertilizer unit SABIC Agri-Nutrients (2020.SE) increased by 1.9%.

Saudi Industrial Investment Group (SIIG) (2250.SE) and National Petrochemical Company (Petrochem) (2002.SE) rose 4% and 3.2% respectively, after announcing the signing of a non-binding agreement on a merger project. Read more

Petrochem shareholders would receive 1.27 SIIG shares in exchange for each share held in Petrochem.

The Abu Dhabi index (.ADI) rose 0.1%, with International Holding (IHC.AD) gaining 0.1% and Dana Gas jumping 4.5%.

International Holding said its Emirates Stallions Group unit will develop a hospitality project worth 240 million dirhams ($ 65 million) in Sudan, while Dana Gas says it has won an arbitration award of $ 607 million in a gas supply dispute with National Iranian Oil Co (NIOC). Read more

The Qatari index (.QSI) rose 0.2% supported by gains in industrial stocks. Industries Qatar (IQCD.QA) rose 1.4% for its sixth consecutive increase, while Mesaieed Petrochemical (MPHC.QA) added 1%.

Gains were capped by losses in the financial sector with Commercial Bank (COMB.QA) down 2%.

In Dubai, the index (.DFMGI) remained stable. Leading developer Emaar Properties (EMAR.DU) lost 0.3%, while Dubai Islamic Bank (DISB.DU) edged up 0.2%.

($ 1 = 3.6728 UAE dirhams)

Reporting by Maqsood Alam in Bangalore; Editing by Giles Elgood

Our standards: Thomson Reuters Trust Principles.


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