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Nov 29 (Reuters) – Qatari stocks snapped a three-session losing streak on Tuesday, outperforming the Gulf region, while Abu Dhabi shares extended losses as prices corrected.
In Qatar, the index (.QSI) Up 1.5% as most stocks in positive territory, including Qatar Islamic Bank (QISB.QA)rose 2.2%.
Qatari stocks rallied after CAPEX.com chief market analyst Fadi Reyad signed a new gas delivery deal with Germany.
“At the same time, natural gas prices are still on an upward trend.”
germany is scheduled to Receives new flow of Qatari LNG (LNG) from 2026, after QatarEnergy and ConocoPhillips (COP.N) Two export deal agreements for at least 15 years were signed on Tuesday.
QatarEnergy and the German utility have been discussing long-term LNG deals for most of this year, as Berlin looks for alternatives to Russia, Germany’s biggest gas supplier.
Saudi Arabia’s Benchmark Index (.one) Up 0.1%, helped by oil giant Saudi Aramco up 3.1% (2222.SE).
Crude oil prices were the main catalyst for Gulf financial markets, rising 3% on hopes of easing strict COVID-19 controls in China after rare protests in Chinese cities over the weekend.
Chinese health officials said on Tuesday that the country plans to Accelerating COVID-19 Vaccination For older people, a key hurdle aimed at overcoming the easing of unpopular “zero COVID” restrictions.
Dubai main stock index (.DFMGI) It closed up 0.5%, with budget carrier Air Arabia up 3%. (AIRA.DU).
In Abu Dhabi, the index (.FTFADGI) fell 0.1 percent, hit by a 0.6 percent drop in the country’s largest lender First Abu Dhabi Bank
Abu Dhabi Stock Exchange continued to face downward pressure in the second wave of price corrections after hitting new highs earlier this month, Reyad said.
Beyond the Gulf, Egypt’s blue-chip index (.FTFADGI) Commercial International Bank rose 4%, boosted to close 2% higher (COMI.CA).
Reporting by Ateeq Shariff in Bengaluru; Editing by Arun Koyyur
Our standards: Thomson Reuters Trust Principles.
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