Mideast Stocks: Most major Gulf markets slip in early trade as Saudi raises oil production

Saudi Arabia's index was down 0.3% as Saudi Aramco lost 0.6% to 30.95 riyals

  
Saudi traders monitor stocks at a Saudi Bank in Dammam October 26, 2008.

Saudi traders monitor stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

Most major Gulf markets slipped in early trade on Wednesday as Saudi Arabia appeared to follow through with its promise to boost crude oil output amid a price war with Russia.

Saudi Arabia on Wednesday directed the oil giant Saudi Aramco to raise its oil production capacity to 13 million barrels per day (bpd) from 12 million bpd.

On Monday, Saudi Arabia's slashed crude price for April and set plan to raise production next month after Russia refused to support deeper oil production cuts, sending oil prices to a 25% slump and Gulf equities to their records falls.

Saudi Arabia's index was down 0.3% as Saudi Aramco lost 0.6% to 30.95 riyals.

Hotel operator and developer Jabal Omar Development shed 1.4%, while Al Rajhi Bank edged down 0.2%.

But, National Shipping Company of Saudi Arabia 4030 soared 8.4% on news that it booked as many as 14 super-tankers to ship crude oil to customers worldwide.

Abu Dhabi's index was down 0.2% with Abu Dhabi Commercial Bank slipping 2.6% and Aldar Properties losing 3.6%

Dubai's index slipped 1% as Emaar Properties, which will stop taking bookings at three hotels amid coronaviurs fears, declined 2.8%.

Commercial Bank of Dubai plunged 9.9%.

But, the Qatari index rose 1.5%, extending its gain from the previous session. Qatar Islamic Bank increased 2.2%.

Barwa Real Estate, which is slated to report its 2019 financial results later on Wednesday, jumped 6.3%.

However, the index's rise was capped by a 6.5% plunge in Qatar Gas Transport as it traded ex-dividend.

(Reporting by Maqsood Alam in Bengaluru Editing by Raissa Kasolowsky) ((Maqsood.Alam@thomsonreuters.com;))


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