MIDEAST STOCKS Saudi and UAE stocks advance after IEA oil demand outlook

September 15 (Reuters) – Stock markets in Saudi Arabia and the United Arab Emirates (UAE) closed higher on Wednesday, a day after the International Energy Agency (IEA) forecast positive oil demand.

The IEA said on Tuesday that vaccine deployments are expected to fuel a rebound in demand for oil after a three-month drop due to the spread of the Delta variant of COVID-19 and pandemic restrictions, particularly in Asia. Read more

Saudi Arabia’s benchmark index (.TASI) rose 0.3%, driven by gains in physical and financial stocks. Chemical maker Saudi Basic Industries (2010.SE) grew 2% and its SABIC-Agri-Nutrients (2020.SE) fertilizer manufacturing unit jumped 4.5%.

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Al Rajhi Bank rose 0.3%, while oil giant Saudi Aramco (2222.SE) added 0.6%.

The Abu Dhabi Index (.ADI) closed 0.8% higher after three consecutive days of losses. Market heavyweight First Abu Dhabi Bank (FAB.AD) rose 1.3%, while Emirates Telecommunications Group (ETISALAT.AD) grew 1.5%.

Aldar Properties (ALDAR.AD) gained 0.5%, a day after a consortium led by the company submitted a request to the Egyptian Financial Regulatory Authority to buy up to 90% of Egyptian real estate developer SODIC ( OCDI.CA). Read more

In Dubai, the index (.DFMGI) ended up 0.2%, after falling 0.5% earlier.

Leading developer Emar Properties (EMAR.DU) rose 1.2% and Dubai Islamic Bank (DISB.DU) rose 0.8%.

Gains were capped by a 1.1% drop from Dubai’s largest lender, Emirates NBD (ENBD.DU).

The United Arab Emirates will follow an ambitious timetable to negotiate economic agreements with eight countries with which it wants to deepen their trade relations, hoping to be able to conclude some of these negotiations within a year, its trade minister said on Tuesday, although he did not identify any. country. Read more

The Qatari index (.QSI) fell 0.2% while Industries Qatar (IQCD.QA) lost 0.6% and the National Bank of Qatar (QNBK.QA) lost 0.3%.

Outside the Gulf, the Egyptian index (.EGX30) was down 0.3%, with the country’s largest lender, Commercial International Bank Egypt (COMI.CA) down 1.2%.

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Reporting by Maqsood Alam in Bangalore; Editing by Aditya Soni

Our standards: Thomson Reuters Trust Principles.


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Felix J. Dixon