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Nov 7 (Reuters) – Most Gulf stock markets ended higher on Monday as crude oil prices held near the key $100 a barrel level on a weaker dollar and a recovery in Chinese imports.
Brent crude futures recovered most of their losses after falling more than $1 a barrel earlier in the session on worries about China’s blockade. read more
Saudi Arabia Benchmark Index (.one) Up 0.7%, extending gains from the previous session, with Bank of Riyadh rising 3% (1010.SE).
Chinese private refiner Zhejiang Petrochemical Co., Ltd. (ZPC) signs purchase agreement with Saudi Aramco, Saudi Arabia’s national oil producer (2222.SE) That’s equivalent to 1.08 million tonnes (7.88 million barrels) of crude, Reuters reported on Monday, citing government-backed Chinese newspaper Zhoushan Daily. Shares in Saudi Aramco rose 0.3%. read more
Saudi Oilfield Services Company Arab Drilling Company (2381.SE) It surged 23 percent to 123 riyals on its debut.
It set the final price at 100 riyals per share, the upper end of its price range, and raised 2.67 billion riyals ($710.39 million), valuing the company at 8.9 billion riyals.
Dubai’s main stock index (.DFMGI) Up 0.9%, blue-chip developer Emaar Properties (Emar. You) rose 2.3%.
In Abu Dhabi, the index (.FTFADGI) First Bank Abu Dhabi rose 1.2% to a record high, boosted by a 2.1% rise in the country’s largest bank, First Abu Dhabi (FAB.AD).
United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan said at the start of the COP27 summit in Egypt on Monday that the United Arab Emirates will remain a supplier of oil and gas “as long as the world needs it”. read more
Qatar Index (.QSI) It closed up 1.3%.
On Friday, rating agency Standard & Poor’s upgraded Qatar’s long-term sovereign credit rating to “AA” from “AA-“, citing an improvement in the government’s fiscal position. 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 enormously from soaring global oil and gas prices.
Beyond the Gulf, Egypt’s Blue Chip Index (.EGX30) It rose 2.4% as most stocks in the index were in positive territory.
(1 USD = 3.7585 rials)
Reporting by Ateeq Shariff in Bengaluru; Editing by Vinay Dwivedi
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