Mideast stocks mixed at opening

Dhaka,  Sat,  03 December 2016
Published : 30 Nov 2016, 14:28:48

Mideast stocks mixed in early trade before OPEC decision

Mideast stocks mixed at opening
Gulf bourses were mixed on Wednesday ahead of an OPEC decision expected late in the day on proposed oil production cuts to prop up prices.

Saudi Arabia's stock market edged up in the early trade.

Most analysts believe the Organization of the Petroleum Exporting Countries will cobble together a deal to reduce some production at its meeting on Wednesday in Vienna, which starts at 1000 GMT.

But there is a lot of uncertainty on the terms of the deal and whether it will have much long-term effect on the oil market.

The Saudi index climbed 0.6 per cent in the first 20 minutes. Saudi Arabian Mining Co (Ma'aden) surged 2.5 per cent after announcing a 24 billion riyal ($6.4 billion) project to boost its phosphate capacity.

Petrochemical blue-chip Saudi Basic Industries gained 1.1 per cent.

Dubai's index edged down 0.2 per cent, however, as GFH Financial pulled back 1.7 per cent. Abu Dhabi's index was flat.

Qatar rose 0.5 per cent as Qatar Navigation added 1.7 per cent after saying it would form a joint venture with Qatar Ports to operate Hamad Port in Doha, according to a news agency report.

-SRS-
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