Middle East

MIDEAST STOCKS Most Gulf bourses claw back in early trade

2 minute read

An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike

Sept 22 (Reuters) - Most stock markets in the Gulf region recovered some of their loses on Wednesday, tracking firmer global equities after China Evergrande said it would be able to pay a coupon on one of its bonds.

Evergrande's main unit said it had settled interest payments due on Thursday on a yuan bond with investors. read more

Oil prices climbed more than $1 extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.

Saudi Arabia's benchmark index (.TASI) added 0.2%, with oil giant Saudi Aramco (2222.SE) rising 0.3% and Saudi British Bank (1060.SE) putting on 1.3%.

Italian energy services group Saipem (SPMI.MI) has signed an agreement with Saudi Aramco (2222.SE) to examine setting up a company to do engineering, procurement and construction (EPC) work in Saudi Arabia. read more

Elsewhere, Saudi Telecom Company (STC) (7010.SE) gained 0.2%. The telecoms firm completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion riyals ($966.30 million), the firm said on Wednesday. read more

The Abu Dhabi index (.ADI) rose 0.2%, led by a 0.7% gain in conglomerate International Holding Company (IHC) (IHC.AD), extending gains from the previous session.

IHC's subsidiary invested a further 55 million dirhams ($14.97 million) in Firefly to bring digital advertising services to taxis and rideshares in the region.

Dubai's main share index (.DFMGI) increased 0.2%, supported by a 1.1% increase in Emirates NBD Bank (ENBD.DU) and a 2.2% leap in budget airliner Air Arabia (AIRA.DU).

Dubai said on Monday it was establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy.

In Qatar, the index (.QSI) rose 0.6%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 2.7%.

($1 = 3.7504 riyals)

($1 = 3.6728 UAE dirham)

Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

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