Most Gulf stocks end higher Abu Dhabi hits record high

Most Gulf stocks end higher Abu Dhabi hits record high

Most Gulf stocks end higher Abu Dhabi hits record high

Summary :

Nov 7 (Reuters) – Most stock markets in the Gulf ended higher on Monday, as crude prices stayed near the key $100 a barrel level on a weaker dollar and recovery in Chinese imports.

Privately owned Chinese refiner Zhejiang Petroleum & Chemical Co (ZPC) signed a purchase deal with Saudi Arabian state oil producer Saudi Aramco (2222.SE) for 1.08 million tonnes (7.88 million barrels) of crude oil, Reuters reported on Monday, citing government-backed Chinese newspaper Zhoushan Daily.

In ABu Dhabi, the index (.FTFADGI) advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country’s biggest lender, First Abu Dhabi Bank (FAB.AD).

The United Arab Emirates will remain a supplier of oil and gas for “as long as the world is in need”, its president Sheikh Mohammed bin Zayed al-Nahyan said on Monday, speaking at the start of the COP27 summit in Egypt. read more

Qatar, which will host the 2022 FIFA World Cup this month, is one of the world’s largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.

Nov 7 (Reuters) – Most stock markets in the Gulf ended higher on Monday, as crude prices stayed near the key $100 a barrel level on a weaker dollar and recovery in Chinese imports.Brent crude futures recouped most losses after dropping by more than $1/bbl earlier in the session on China lockdowns worries. read more

Saudi Arabia’s benchmark index (.TASI) rose 0.7%, extending gains from the previous session, led by a 3% rise in Riyad Bank (1010.SE).

Privately owned Chinese refiner Zhejiang Petroleum & Chemical Co (ZPC) signed a purchase deal with Saudi Arabian state oil producer Saudi Aramco (2222.SE) for 1.08 million tonnes (7.88 million barrels) of crude oil , Reuters reported on Monday, citing government-backed Chinese newspaper Zhoushan Daily. Aramco shares were up 0.3%. read more

Saudi oil field services firm Arabian Drilling Co (2381.SE) surged more 23% to 123 riyals in its market debut.

It set the final price at 100 riyals a share, the top end of its price range, raising 2.67 billion riyals ($710.39 million), valuing the company at 8.9 billion riyals.In ABu Dhabi, the index (.FTFADGI) advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country’s biggest lender, First Abu Dhabi Bank (FAB.AD).The United Arab Emirates will remain a supplier of oil and gas for “as long as the world is in need”, its president Sheikh Mohammed bin Zayed al-Nahyan said on Monday, speaking at the start of the COP27 summit in Egypt. read moreOn Friday, ratings agency S&P raised Qatar’s long-term sovereign credit rating to “AA” from “AA-“, citing improvements in the government’s fiscal position. read moreQatar, which will host the 2022 FIFA World Cup this month, is one of the world’s largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) advanced 2.4%, as most of the stocks on the index were in positive territory.

Reporting by Ateeq Shariff in Bengaluru; Editing by Vinay Dwivedi