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 Most Gulf markets gain, Saudi snaps five-day losing streak

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed

Most Gulf markets gain, Saudi snaps five-day losing streak

Most stock markets in the Gulf region traded higher in early trade on Wednesday, with the Saudi index gaining after five straight sessions of losses.

Oil prices, a key catalyst for the Gulf’s financial markets, rose over $1, bouncing back after earlier declines, as Russia’s invasion of Ukraine continues to stoke volatile trading with ceasefire talks the latest market trigger.

Brent futures were up 97 cents, or 1%, at $100.88 a barrel at 0503 GMT.

Ukrainian President Volodymyr Zelenskiy said in a video address released earlier in the day that the positions of Ukraine and Russia at peace talks were sounding more realistic, but more time was needed. read more

Saudi Arabia’s benchmark index <>TASI> advanced 0.6%, with Etihad Etisalat (Mobily) (7020.SE) jumping nearly 10%.

The jump in Mobily’s stock comes after the United Arab Emirates telecoms group e& (ETISALAT.AD) made an offer to increase its stake in Mobily to 50% and one share. read more

Shares of e& were up more than 1%.

Other telecoms companies including Mobile Telecommunications Company Saudi Arabia (7030.SE) and Atheeb Telecom (7040.SE) also boosted the kingdom’s main index.

Dubai’s main share index (.DFMGI) edged 0.2% higher, helped by a 4% increase in Islamic Arab Insurance Co (SALAMA.DU) and a 2% increase in Amlak Finance (AMLK.DU).

The Abu Dhabi index (.ADI) added 0.3%.

Qatar stocks (.QSI) dipped 0.4%, with petrochemical maker Mesaieed Petrochemical (MPHC.QA) falling 5.1% after shareholders approved an amendment raising 100% foreign ownership.

Reporting by Karina Dsouza in Bengaluru; Editing by Rashmi Aich

This article was originally published by Reuters.

Global Business Magazine

Global Business Magazine

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