Mideast Stocks: Most Gulf bourses claw back in early trade

The Abu Dhabi index rose 0.2%

  

Most stock markets in the Gulf region recovered some of their loses on Wednesday, tracking firmer global equities after China Evergrande said it would be able to pay a coupon on one of its bonds.

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

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

Saudi Arabia's benchmark index added 0.2%, with oil giant Saudi Aramco rising 0.3% and Saudi British Bank putting on 1.3%.

Italian energy services group Saipem has signed an agreement with Saudi Aramco to examine setting up a company to do engineering, procurement and construction (EPC) work in Saudi Arabia. 

Elsewhere, Saudi Telecom Company (STC) gained 0.2%. The telecoms firm 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 firm said on Wednesday. 

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

IHC's subsidiary invested a further 55 million dirhams ($14.97 million) in Firefly to bring digital advertising services to taxis and rideshares in the region. 

Dubai's main share index increased 0.2%, supported by a 1.1% increase in Emirates NBD Bank and a 2.2% leap in budget airliner Air Arabia.

Dubai said on Monday it was establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy. 

In Qatar, the index rose 0.6%, with petrochemical maker Industries Qatar advancing 2.7%.

($1 = 3.7504 riyals)

($1 = 3.6728 UAE dirham)

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


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