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 Major Gulf bourses rise on oil strength, Dubai gains after 3 days

A woman walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike

Major Gulf bourses rise on oil strength, Dubai gains after 3 days

Major Gulf stock markets rose in early trade on Thursday as oil prices firmed, with the Dubai index on track to end a three-session losing streak.

Oil prices, a key catalyst for the Gulf financial market, rose on signs of tight supply, while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine.

Saudi Arabia’s benchmark index (.TASI) added 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 1.4% and Saudi Arabian Mining Company (1211.SE) climbing 1.1%.

The kingdom’s Ministry Of Industry And Mineral Resources announced start of receiving qualification offers for Umm Al-Damar site minerals exploration license.

Oil behemoth Saudi Aramco (2222.SE) has approached motor oil and lubricant maker Valvoline Inc (VVV.N) to buy its segment catering to commercial customers, Reuters reported on Wednesday, citing sources familiar with the matter. read more

Shares of Aramco, which is at par with Apple Inc (AAPL.O) as the world’s most valuable company, were flat in early trade.

In Abu Dhabi, the index (.FTFADGI) gained 1%, buoyed by a 3.3% jump in e& (ETISALAT.AD) after the telecoms firm launched region’s first telco non-fungible token (NFT) collection.

An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT’s authenticity and who owns it.

Dubai’s main share index (.DFMGI) rose 0.7%, led by top lender Emirates NBD (ENBD.DU) jumping 2.3%.

Dubai’s Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. read more

The Qatari index (.QSI) edged up 0.3%, led by a 1.3% gain in petrochemical maker Industries Qatar (IQCD.QA).

Reporting by Ateeq Shariff in Bengaluru

This article was originally published by Reuters.

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