Abu Dhabi leads most Gulf markets higher
File photo: A trader looks at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed
Jan 19 (Reuters) – Most stock markets in the Gulf ended higher on Wednesday, supported by strong oil prices, with the Abu Dhabi index outperforming the region.
Crude prices, a key catalyst for the Gulf’s financial markets, rose for a fourth day after a fire on a pipeline from Iraq to Turkey briefly stopped flows, increasing concerns about an already tight supply outlook.
The Abu Dhabi index (.FTFGI) advanced 1.6%, buoyed by a 3.9% rise in the country’s largest lender First Abu Dhabi Bank (FAB.).
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Credit ratings agency S&P Global said its AA score of Abu Dhabi already factored in geopolitical risks after Yemen’s Houthi group launched drone and missile strikes in the emirate which set off explosions in fuel trucks and killed three people.
The United Arab Emirates called for a meeting of the UN Security Council to condemn the attack on Abu Dhabi, capital of the region’s commercial and tourism hub, state news agency WAM reported on Tuesday. read more
Saudi Arabia’s benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 1.5%, while petrochemical maker Saudi Basic Industries Corp (SABIC) (2010.SE) advanced 1.8%.
SABIC plans to build a petrochemicals plant in the city of Jubail on the gulf coast in the Eastern Province, after a similar plant in South Korea starts production by year-end, CEO Yousef Abdullah al-Benyan told Asharq TV on Tuesday. read more
The kingdom issued 2.833 billion riyal ($755.20 million) domestic sukuk, or Islamic bonds, for the month of January, the kingdom’s National Debt Management Center said on Tuesday.
Dubai’s main share index (.DFMGI) eased 0.3%, hit by a 1.2% fall in its top lender Emirates NBD (ENBD.DU) and a 0.2% decrease in blue-chip developer Emaar Properties (EMAR.DU).
Dubai’s stocks recorded some price corrections as investors moved to secure their gains, said Wael Makarem, senior market strategist at Exness.
The Qatari benchmark (.QSI) added 0.3%, led by a 1.5% gain in petrochemical firm Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt’s blue-chip index (.EGX30) dropped 1.4%, as most of the stocks on the index were in negative territory including Commercial International Bank (COMI.CA).
($1 = 3.7513 riyals)
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Reporting by Ateeq Shariff in Bengaluru Editing by Chizu Nomiyama
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