Gulf markets opened slightly higher and with a firmer tone on Tuesday, boosted by solid PMI data in UAE and Saudi Arabia as well the decision of OPEC+ to cut output in order to bolster oil prices after the recent slide.

OPEC and its allies, led by Russia, on Monday agreed a small output cut of 100,000 barrels a day.

Brent crude futures had fallen 49 cents, or 0.5%, to $95.25 a barrel by 0638 GMT.

The non-oil private sectors of Saudi Arabia and UAE expanded in August at its fastest pace, boosted by improving demand conditions, a survey showed on Sept. 5.,

Saudi Arabia’s benchmark index edged up 0.2%, with Retal Urban Development Co adding 0.9% and oil giant Saudi Aramco gaining 0.8%.

In Dubai, the main share index advanced 0.7%, snapping four consecutive sessions of losses, as Banking shares Mashreq and Dubai Islamic Bank were up 7.3% and 0.7%, respectively.

Gulf mostly subdued as Emaar hits Dubai on weak outlook

Blue-chip developer Emaar Properties was slightly up, reversing a sharp decline in the previous session following a Reuters poll on Dubai housing market outlook on Sept. 5.

The Abu Dhabi index edged up 0.1%, led by a 0.2% increase in its largest lender First Abu Dhabi Bank and a 0.7% gain in ADNOC Distribution.

In Qatar, the benchmark index bucked the trend. Stocks were down 0.4%, continuing the downtrend for the eighth consecutive session, with Qatar Islamic Bank shedding 1.7% and Qatar Navigation slipping 1.5%.


Comments are closed.