Mideast Stocks: Most Gulf markets rise; Egypt bourse eases

OPEC+ to complete compensations before year-end

  
Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

REUTERS/Mohamed Abd El Ghany

Most Gulf markets ended higher on Thursday, with financial shares boosting the Dubai index, while the Egyptian market was hurt by a selloff in blue-chip shares.

Saudi Arabia's benchmark index rose 0.3%, with oil giant Saudi Aramco gaining 1.1%, while Jabal Omar Development leapt 5.1%.

The kingdom's energy minister on Thursday said OPEC+ will complete all compensations for oil overproduction before the end of the year. 

Dubai's main share index closed up 0.9%, led by a 1.9% rise in Emirates NBD Bank and a 0.9% gain in sharia-compliant lender Dubai Islamic Bank.

Among others, logistic firm Aramex advanced 2.4% after Abu Dhabi's state-backed firm ADQ acquired a 22% stake in the company. 

The Abu Dhabi index edged up 0.1%, helped by a 1.3% increase in Emirates Telecommunications.

Abu Dhabi National Oil Company (ADNOC) will reduce crude oil supplies to term buyers by 25% in November as part of its commitment to the OPEC+ deal, a notice seen by Reuters showed and sources with knowledge of the matter said. 

Bahrain's index advanced 1.2%, extending gains from the previous session, after the Gulf state signed deals along with the United Arab Emirates on Tuesday to establish formal ties with Israel.

Outside the Gulf, Egypt's blue-chip index eased 0.3%, weighed down by a 0.9% fall in top lender Commercial International Bank.

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

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