Mideast: STOCKS-Most Gulf markets drop ahead of OPEC+ meeting; Abu Dhabi gains

The Commercial Bank (P.S.Q.C.)

29/11/2023 13:56

By Md Manzer Hussain
       Nov 29 (Reuters) - Most stock markets in the Gulf were
subdued on Wednesday amid volatile oil prices, as investors
remained cautious ahead of a crucial OPEC+ meeting to decide
output policy in the coming months.
    Oil prices - a key catalyst for the Gulf's financial markets
- rose 1.2% on Wednesday with Brent  LCOc1  trading at $82.69 a
barrel by 1340 GMT, as supply disruption caused by a storm in
the Black Sea and lower U.S. inventories drove buying.
    The OPEC+ group comprising the Organization of the Petroleum
Exporting Countries (OPEC) and allies is scheduled to meet
online on Thursday to decide oil output levels for 2024,
according to a draft agenda seen by Reuters on Monday.
    The Qatari index  .QSI  was down for a sixth consecutive
session and ended 0.2% lower, weighed down by a 1.3% drop in
Commercial Bank  COMB.QA  and 1.8% decline in Dukhan
Bank DUBK.QA .
    Dubai's benchmark index  .DFMGI  fell 0.2%, snapping three
consecutive sessions of gains, with most sectors in the red.
    Emirates Central Cooling Systems Corp  EMPOWER.DU  declined
1.8% and Emirate's largest lender Emirates NBD  ENBD.DU  lost
0.7%.
    Saudi Arabia's benchmark index  .TASI  gained marginally,
with Etihad Atheeb Telecom  7040.SE  rising 1.3% and Saudi
Pharmaceutical Industries and Medical Appliances Corporation
 2070.SE  surging 8.3%.
    However, Lumi Rental  4262.SE  and Elm Company  7203.SE 
dropped 3.2% and 1.2%, respectively.
    In Abu Dhabi, the benchmark index  .FTFADGI  was up for a
second consecutive session, ending 0.1% higher, helped by a 2.5%
surge in conglomerate Alpha Dhabi  ALPHADHABI.AD  and 1.9% gain
in Abu Dhabi National Oil Co for Distribution  ADNOCDIST.AD .
    Outside the Gulf, Egypt's blue-chip index  .EGX30  fell for
a second consecutive session and ended 1.4% lower, with all
sectors in the red.
    Commercial International Bank  COMI.CA  declined 2.7% and
Misr Fertilizer  MFPC.CA  slumped 3.6%.
    Fertilizers and petrochemicals maker MOPCO reported a
decrease in third-quarter consolidated net profit. 

 SAUDI ARABIA     .TASI  added 0.02% to 11,103
 KUWAIT           .BKP  dropped 0.6% to 7,238
 QATAR            .QSI  lost 0.2% to 9,992
 EGYPT            .EGX30  declined 1.4% to 24,759
 BAHRAIN          .BAX  lost 0.4% to 1,943
 OMAN             .MSX30  was up 0.5% to 4,655
 ABU DHABI        .FTFADGI  added 0.1% to 9,553
 DUBAI            .DFMGI  lost 0.2% to 4,000
 
 (Reporting by Md Manzer Hussain; Editing by Krishna Chandra
Eluri)
 ((MdManzer.Hussain@thomsonreuters.com;))