Latest news with #QatarGasTransport
Zawya
3 days ago
- Business
- Zawya
Mideast Stocks: Gulf bourses end mixed on US-China trade-talks
Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies. Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution. Saudi Arabia's benchmark index - which traded after a four-session eid break - gave up early gains to finish flat. Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index eased 0.1%, hovering around 17-year high, with top lender Emirates NBD losing 2%. The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill. In Abu Dhabi, the index inched 0.1% higher, with ADNOC Gas gaining 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. The Qatari index added 0.2%, with Qatar Gas Transport increasing 2.8%. Outside the Gulf, Egypt's blue-chip index was up 0.1%, helped by a 2% rise in Commercial International Bank . SAUDI ARABIA was flat at 11,005 Abu Dhabi up 0.1% to 9,805 Dubai eased 0.1% to 5,596 QATAR added 0.2% to 10,713 EGYPT up 0.1% to 32,935 BAHRAIN down 0.1% to 1,923 OMAN rose 0.2% to 4,592 KUWAIT gained 0.7% to 8,983 (Reporting by Ateeq Shariff in Bengaluru; Editing by Leroy Leo)
Reuters
03-06-2025
- Business
- Reuters
Gulf bourses in green as oil prices rise
June 3 (Reuters) - Most stock markets in the Gulf were trading higher early on Tuesday as oil prices ticked up on concerns about supply. Dubai's main share index (.DFMGI), opens new tab, up 0.40%, was set for a second consecutive session of gains and Abu Dhabi's benchmark index (.FTFADGI), opens new tab was set to snap two consecutive sessions of losses. A lower than expected supply hike from OPEC+ is boosting oil prices, a catalyst for stock markets in the Gulf. Brent crude futures were up 0.19% to $64.75 a barrel by 0627 GMT. Adding to supply concerns was a wildfire in the province of Alberta in Canada that has led to a temporary shutdown of certain oil and gas production. According to Reuters calculations, the wildfires have disrupted close to 7% of Canada's oil production. Real estate financier Amlak Finance ( opens new tab was the top gainer on the Dubai index, up 14.29%. First Abu Dhabi Bank ( opens new tab, the United Arab Emirates' biggest lender, was up 1.15% in early trade. In Qatar, the benchmark stock index (.QSI), opens new tab was up 0.61%, helped by a 2.15% rise in Qatar Gas Transport ( opens new tab and a 1.86% gain in consumer goods conglomerate Industries Qatar ( opens new tab. Bucking the trend, Saudi Arabia's benchmark stock index was trading flat in early trade. The 1.30% fall in Tadawul Group ( opens new tab was offset by a 2.56% rise in insurance company Buruj Cooperative Insurance ( opens new tab. Geopolitical tensions aided the oil price increase, with Iran poised to reject a U.S. proposal to end a decades-old nuclear dispute. Failure of nuclear talks between the countries could result in continued sanctions in Iran, limiting Iranian supply. Markets, however, remain cautious as U.S. President Donald Trump and Chinese leader Xi Jinping will probably speak this week, days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions. Nasdaq futures and S&P 500 futures were both down more than 0.3%.
