MIDEAST STOCKS Most Gulf Stock Exchanges Gain Due to Rising Oil Prices
Oct. 12 (Reuters) – Major Gulf stock markets opened higher on Tuesday as oil prices increased gains amid an energy crisis, while Abu Dhabi reversed the trend to slightly lower trade.
Saudi Arabia’s benchmark index (.TASI) climbed 0.2% after two consecutive sessions of decline, with Al Rajhi Bank (1120.SE) up 0.5% and petrochemical maker Saudi Basic Industries (2010.SE) up 0.9%.
Oil giant Saudi Aramco (2222.SE) fell 0.3%. Aramco has asked banks to arrange a loan that is expected to be between $ 12 billion and $ 14 billion that it plans to offer to buyers of its gas pipeline system, Reuters reported citing sources, as the oil giant advances its intention to raise funds through the sale of assets. Read more
Renewable energy utility ACWA Power International (2082.SE) held steady, a day after jumping 30% on its market debut after a $ 1.2 billion IPO.
Newly listed stocks are allowed to rise or fall by up to 30% in their first three days of trading.
In Abu Dhabi, the index (.ADI) fell 0.1%, dragged down by the 1.1% drop in Alpha Dhabi Holding (ALPHADHABI.AD).
But the conglomerate International Holding Co (IHC) (IHC.AD) edged up 0.2%. IHC has agreed to acquire 51% of Bin Suhail Group through a subsidiary to form a joint venture in the beauty industry. Read more
Dubai’s main stock index (.DFMGI) rose 0.1%, with leading developer Emaar Properties (EMAR.DU) gaining 0.5%, while Emaar Malls (EMAA.DU) fell 0 , 5%.
Emaar Properties said on Monday that shareholders approved a merger of all shares with Emaar Malls.
The Qatari index (.QSI) rose 0.1%, with petrochemical company Industries Qatar (IQCD.QA) rising 0.5%.
Reporting by Ateeq Shariff in Bangalore; Editing by Subhranshu Sahu
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