UAE Stocks End Little Changed With OPEC+ Deal Eyed: Inside EM

(Bloomberg) --

Equities in the United Arab Emirates’ finished Sunday little changed as investors focused on the outcome of a meeting between OPEC and its allies ahead of a long holiday.

Abu Dhabi’s ADX General Index and Dubai’s DFM General Index slipped less than 0.1% each. The volume of trade in both exchanges was lower than the 30-day average before the four-day Eid holiday, which starts Monday.

Markets in the oil-rich country closed before news that OPEC and its allies agreed to gradually add more oil supplies to the market after Saudi Arabia and the UAE resolved a dispute that was blocking the deal. The cartel will boost output by as much as 400,000 barrels a day each month until all of its halted output has been revived, delegates said.

The decision puts an end to a diplomatic spat that has unnerved oil traders. Brent crude fell 2.6% to $73.59 per barrel last week, the biggest weekly decline since May 21.

Middle Eastern Markets:

• Telecom operator Etisalat falls 0.8% in Abu Dhabi
  • Other stocks declining on Sunday: Aldar Properties -1.3%, Abu Dhabi Islamic Bank -0.7%, Arkan Building Materials -5.3%

• Abu Dhabi Commercial Bank reported net income for the second quarter of AED 1.4b, beating the average analyst estimate

  • ADCB 2Q Net Income Beats Estimates
• Bahrain-based GFH Financial Group is reconsidering its decision to delist from Kuwait’s stock exchange
• Exchanges in Kuwait, Qatar, Saudi Arabia, Oman and Israel are closed for holidays
• Egypt’s EGX 30 rises 0.8% as of 1:13 p.m. in Cairo
  • Oil products manufacturer Alexandria Mineral Oils rises 7.3%, the most among index members

Key News:

• Mubadala Investment Co. is seeking a value of more than $20 billion including debt for Emirates Global Aluminium PJSC as it inches closer to listing the business, according to people familiar with the matter.
• Kuwait was downgraded by S&P Global Ratings for a second time in less than two years after a fall in oil revenue and increased spending pressured the Persian Gulf nation’s fiscal outlook.
• The United States is transferring $600 million to Jordan’s Treasury as part of a cash grant to the Middle East kingdom.

More:

• Keeping Low Funding Cost Key for QNB as It Eyes Stronger Growth
• QIB’s Volume Higher at Lower Spread; CoR May Stay Above 2020

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