Mideast Stocks: Most Gulf markets fall as OPEC+ delays oil output hike

Telecom Egypt SAE

04/11/2024 08:30

Nov 4 (Reuters) - Most major stock markets in the Gulf
fell in early trade on Monday, following a decision by OPEC+ to
delay a planned December oil output increase by one month.
    Eight members of OPEC+, which groups the Organization of the
Petroleum Exporting Countries plus Russia and other allies, were
due to raise output in December as part of a plan to gradually
unwind the group's most recent layer of output curbs - a cut of
2.2 million barrels per day (bpd).
    OPEC and Saudi Arabia have repeatedly said they do not
target a certain price and make decisions based on market
fundamentals and in the interest of balancing supply and demand.
    Saudi Arabia's benchmark stock index  .TASI  dropped 0.4%,
hurt by a 1.6% fall in aluminium products manufacturer Al
Taiseer Group  4143.SE  and a 2% decline in Saudi Arabian Mining
Company  1211.SE .
    On the other hand, telecom firm Etihad Etisalat  7020.SE 
advanced 1.8%, after the firm partnered with Telecom Egypt
 ETEL.CA  to land first Saudi submarine cable linking Saudi
Arabia and Egypt through Red Sea.
    Dubai's main share index  .DFMGI  lost 0.2%, with blue-chip
developer Emaar Properties  EMAR.DU  falling 0.7% and Emirates
Central Cooling Systems Corp  EMPOWER.DU  retreating 1.1%.
    In Abu Dhabi, the main stock index  .FTFADGI  was down 0.4%.
    The Qatari index  .QSI  was flat in choppy trade, ahead of a
referendum on constitutional amendments. The rare referendum is
for citizens to vote on a set of constitutional amendments,
including a proposal that would abandon an effort to introduce
elections.

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