MIDEAST STOCKS Most Gulf stock exchanges recover in early exchanges

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An investor browses the Dubai financial market after Joe Biden won the US presidency, in Dubai, United Arab Emirates, November 8, 2020. REUTERS / Christopher Pike

September 22 (Reuters) – Most of the Gulf region’s stock markets recouped some of their losses on Wednesday, following the strengthening of global equities after China Evergrande said it would be able to pay a coupon on the one of its obligations.

Evergrande’s main unit said it had settled interest payments due Thursday on a yuan bond with investors. Read more

Oil prices climbed more than $ 1, extending gains overnight after industry data showed U.S. crude inventories fell more than expected last week following two hurricanes, highlighting tight supply as demand improves.

Saudi Arabia’s benchmark index (.TASI) rose 0.2%, with oil giant Saudi Aramco (2222.SE) rising 0.3% and Saudi British Bank (1060.SE) taking 1 , 3%.

Italian energy services group Saipem (SPMI.MI) has signed an agreement with Saudi Aramco (2222.SE) to consider setting up a company to perform engineering, procurement and construction (EPC) work in Saudi Arabia. Read more

Elsewhere, Saudi Telecom Company (STC) (7010.SE) gained 0.2%. The telecommunications company has completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion riyals ($ 966.30 million), the company said on Wednesday. Read more

The Abu Dhabi index (.ADI) rose 0.2%, led by a 0.7% gain by conglomerate International Holding Company (IHC) (IHC.AD), extending gains from the previous session.

The IHC subsidiary has invested an additional 55 million dirhams ($ 14.97 million) in Firefly to bring digital advertising services to taxis and carpools in the region.

Dubai’s main stock index (.DFMGI) rose 0.2%, supported by a 1.1% increase in Emirates Bank NBD (ENBD.DU) and a 2.2% jump in aircraft from low cost line Air Arabia (AIRA.DU).

Dubai announced on Monday the creation of a new Integrated Economic Zones Authority which will act as an independent legal entity with financial and administrative autonomy.

In Qatar, the index (.QSI) rose 0.6%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 2.7%.

($ 1 = 3.7504 riyals)

($ 1 = 3.6728 UAE dirhams)

Reporting by Ateeq Shariff in Bangalore; edited by Uttaresh.V

Our Standards: Thomson Reuters Trust Principles.


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