Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri
Aug 24 (Reuters) – Major stock markets in the Gulf rose in early trade on Wednesday, in response to a surge in oil prices in the previous session, with the Qatari index on track to end three sessions of losses.
Crude prices, a key catalyst for the Gulf's financial markets, jumped nearly 4% the previous day after the energy minister of Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), flagged the possibility the group would cut supply to balance a market he described as "schizophrenic". read more
Oil prices have dropped in recent weeks to around $95 per barrel from as high as $120 on fears of a Chinese economic slowdown and a recession in the West.
The benchmark index (.TASI) in the kingdom added 0.2%, led by a 0.8% increase in oil behemoth Saudi Aramco (2222.SE).
However, Saudi Arabian supermarket retailer BinDawood Holding (4161.SE) fell around 4% after it reported a fall in quarterly earnings.
Brent crude futures for October settlement were up 84 cents, or 0.83%, to $101.04 a barrel by 0820 GMT, after rising 3.9% on Tuesday.
Dubai's main share index (.DFMGI) gained 0.4%, bolstered by a 0.9% rise in blue-chip developer Emaar Properties (EMAR.DU).
Emaar Properties said on Tuesday Namshi deal will result in net profit of 628.7 million dirhams ($171.17 million).
On Saturday, Emaar said it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF). read more
Deal values Namshi at $335.2 million.
In Abu Dhabi, the index (.FTFADGI) added 0.1%, helped by a 0.1% gain in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) climbed 0.5%, with Qatar Islamic Bank (QISB.QA) putting on 0.8% and sharia-compliant lender Masraf Al Rayan (MARK.QA) trading 1.1% higher.
($1 = 3.6729 UAE dirham)
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Iran has received Washington's response to an EU-drafted final offer for saving Tehran's 2015 nuclear deal with major powers, Iran's foreign ministry said on Wednesday, giving no firm indication of how close they are to narrowing remaining gaps.
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