MIDEAST STOCKS – Major Gulf stocks mixed amid falling oil prices


November 7 (Reuters)Major Gulf stocks were mixed at the start of trading on Monday amid falling oil prices as hopes of a rebound in Chinese demand faded.

Crude prices, a key catalyst for Gulf financial markets, fell more than $1 a barrel after Chinese authorities over the weekend reiterated their commitment to a strict COVID containment approach, wiping out hopes of improved demand from the world’s largest crude oil importer. WHERE

Saudi Arabia’s benchmark .TASI fell 0.4%, hit by a 0.9% fall in the country’s largest lender, Saudi National Bank 1180.SE and a 0.4% decline in oil giant Saudi Aramco 2222.SE.

On the other hand, Arabian Drilling Co. 2381.SE jumped more than 18% to 118.4 riyals on its first trade.

The Saudi oil services company set its final price at 100 riyals per share – at the upper end of its price range – and raised 2.67 billion riyals ($710.58 million), valuing it at 8, 9 billion riyals.

The deal is the latest in a series of Gulf initial public offerings (IPOs) that have continued this year in defiance of global market trends.

The Qatari Index .QSI lost 0.3%, weighed down by a 0.8% fall in Qatar National Bank QNBK.QA and a 0.4% decline in petrochemical maker Industries Qatar IQCD.QA.

The main Dubai stock market index .TASI added 0.2%, helped by a 2.7% rise in diversified investment group Dubai Investments DINV.DU and a 4% jump in the Dubai financial market DFM.DU.

Emirates Central Cooling Systems Corporation (Empower) of Dubai has increased the size of the stake in the company offered in an IPO to 20%, following strong demand and oversubscription in all tranches.

Empower is the fourth state-linked entity to seek listing in Dubai this year under a scheme to boost investor interest in the national stock exchange.

In Abu Dhabi, the index .FTFADGI increased slightly by 0.1%, with First Abu Dhabi Bank FOB. ADleading Gulf lender, up 0.9%.

($1 = 3.7575 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Uttaresh.V)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


nasdaq

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button