Most stock markets in the Gulf ended higher on Thursday amid rising oil prices as investors awaited the result of OPEC+ meeting where oil producers are likely to agree output cuts for early next year.
Oil prices - a key catalyst for the Gulf’s financial markets- climbed 1% on Thursday with Brent trading at $83.95 a barrel by 1230 GMT.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is likely to agree to additional output cuts of more than 1 million barrels per day, meeting delegates told Reuters.
The OPEC+ meeting is scheduled to begin at 1400 GMT, after an OPEC-only ministers meeting at 1100 GMT.
Saudi Arabia’s benchmark index was up for the third consecutive session, ending 0.7% higher with most sectors in the green. The index jumped 4.6% in November, its biggest monthly gain since April.
Elm Company rose 1.4% and the kingdom’s largest lender Saudi National Bank climbed 2%.
The Qatari index snapped its six session losing streak and closed 0.5% higher, helped by a 2.2% rise in Qatar Islamic Bank and 5.7% surge in Mesaieed Petrochemical.
Most Gulf markets drop ahead of OPEC+ meeting; Abu Dhabi gains
In Abu Dhabi, the benchmark index was up for the third straight session, inching up 0.1%, supported by a 1.1% gain in Aldar Properties and 1% rise in UAE’s largest lender First Abu Dhabi Bank.
Dubai’s benchmark index fell 0.2%, with most sectors in the red.
Emirates Central Cooling Systems Corp declined 1.8% and Emirate’s largest lender Emirates NBD lost 0.9%.
Outside the Gulf, Egypt’s blue-chip index fell for a third consecutive session and ended 0.1% lower, with Commercial International Bank dropping 1% and Talaat Mostafa Group Holding sliding 3.3%.
However, Misr Fertilizer and Orascom Egypt gained 2.6% and 9.9% respectively.
======================================== SAUDI ARABIA rose 0.7% to 11,177 KUWAIT added 0.8% to 7,292 QATAR was up 0.5% to 10,042 EGYPT lost 0.1% to 24,735 BAHRAIN lost 0.2% to 1,940 OMAN gained 0.1% to 4,658 ABU DHABI added 0.1% to 9,560 DUBAI lost 0.2% to 3,992 ========================================
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