Mideast Markets Mixed With All Eyes on OPEC+ Meeting: Inside EM
Dubai’s DIB Slumps After Disclosing $541 Million of NMC Exposure
(Bloomberg) -- Middle Eastern equity markets traded in mixed directions after OPEC+ delayed a meeting aimed at ending the oil price war.
The main benchmark in Riyadh rose as much as 2% before finishing little changed. Gauges in Kuwait, Oman and Qatar advanced as much as 0.3%, while Dubai’s benchmark lost the most, ending 2.4% lower on pressure among big local lenders.
Brent crude rebounded 37% last week on hopes that global producers will decide to make historic output cuts, though optimism was tempered by concern that the curbs won’t avert a glut. The OPEC+ meeting was initially expected for Monday, but got delayed to April 9 as Riyadh and Moscow trade barbs about who’s to blame for the collapse in oil prices.
Saudi Aramco shares gained as much as 2.8% shortly after the open, climbing above their IPO price for the first time in a month. They reversed gains near the end of the session to close 0.5% lower. The company delayed the release of its key monthly oil pricing list until later this week.
In the U.A.E., Dubai Islamic Bank PJSC’s shares fell the maximum allowed after the lender said it had $541 million of exposure to troubled hospital operator NMC Health Plc. Abu Dhabi Islamic Bank also ended limit down after disclosing an exposure of $291.4 million to the health-care firm.
Related:
- NMC Creditor ADCB Calls for Health Firm to Enter Administration
- Dubai Islamic Bank Faces $541 Million Exposure to NMC Health
- Abu Dhabi Islamic Bank Exposure to NMC at $291.4 Million
- U.A.E. Central Bank Cuts Reserve Requirements, Unveils More Aid
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