Mideast Stocks: Major Gulf bourses mixed in early trade

Saudi Arabia's benchmark index gained 0.4%

  
Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

REUTERS/Stringer

Major stock markets in the Gulf delivered a mixed performance early on Tuesday, with the Saudi index outperforming the region as oil prices rose.

Saudi Arabia's benchmark index gained 0.4%, with Al Rajhi Bank gaining 1.3% and Saudi Aramco, the world's largest oil exporter, up 1.2%.

Aramco will complete its 1 million barrel per day (bpd) oil output expansion project by 2027 to bring its total production to 13 million bpd, its CEO said on Monday. 

Aramco also aims to expand its oil trading business to 8 million bpd over the next 5 years from its current 5.5 million bpd, he added.

Saudi Arabia's non-oil exports were 255 billion riyals ($67.99 billion) from June 2020 to June 2021, the highest in the kingdom's history, the information minister designate told a news conference on Monday. 

The Qatari index added 0.2%, helped by a 0.5% increase in petrochemical maker Industries Qatar.

Oil prices rose to their highest in at least three years as they extended gains triggered the previous session by the world's major oil producers' decision to maintain a cap on crude supplies.

Asian shares fell for a third straight session as investors feared higher oil prices would stoke inflationary pressures caused by supply chain disruptions.

In Abu Dhabi, the index eased 0.2%, weighed down by a 1.1% fall in the country's largest lender First Abu Dhabi Bank.

Dubai's main share index dropped 0.9%, extending losses for a second session, dragged down by a 3.9% slide in Emirates NBD Bank.

The United Arab Emirates' non-oil private sector continued to expand in September as recovery from the COVID-19 pandemic in the Middle East trade and tourism hub was strong, although job creation slowed, a business survey showed on Tuesday. 

UAE firms hired for the fourth consecutive month but the rate of job creation slowed and was marginal.

($1 = 3.7503 riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Barbara Lewis) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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