Mideast Stocks: Major Gulf bourses move in narrow range as oil prices fall

Saudi Arabia's benchmark index fell 0.4%


Major stock markets in the Gulf traded in a narrow range in early trade on Wednesday as oil prices fell, with the Saudi index on course to extend losses from the previous session.

Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT, after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer. O/R

Saudi Arabia's benchmark index fell 0.4%, weighed down by 9.9% slide in Rabigh Refining and Petrochemical Company, after the petrochemical firm on Tuesday posted a sharp decrease sequentially in earnings. 

Among other losers, SABIC Agri-Nutrients Co fell 2.5%, while Saudi Arabian Mining Co (Ma'aden) declined 0.5%, after the chief executive officer of the Gulf's largest miner said on Tuesday that a Board meeting in December will weigh whether it will pay out its first ever dividend. 

Bucking the trend, oil behemoth Saudi Aramco traded 1.1% higher on signing of five memorandum of understandings as part of an initiative to tackle greenhouse gas emissions. 

The Abu Dhabi index .ADI eased 0.1%, hit by a 0.9% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank, ahead of its earnings.

On the other hand, Fertiglobe, a joint venture between Abu Dhabi National Oil Company and chemicals producer OCI, rose 21% above its listing price of 2.55 dirhams in its market debut. 

Fertiglobe shareholders sold a 13.8% stake in the initial public offering raising around $795 million.

Dubai's main share index added 0.2%, with Dubai Islamic Bank advancing 1.2%, as the Sharia-compliant lender reported a rise in its quarterly net profit.

The Qatari benchmark rose 0.4%, driven by a 0.9% gain in Qatar National Bank and a 0.4% increase in petrochemical maker Industries Qatar.

($1 = 0.2666 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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