oil and gas

Report: Diab to Sign Oil Import Agreemen...
April 11, 2021
Report: Lebanon Likely Has Gas Field in ...
April 6, 2021
Investors give a thumbs-up to latest OPE...
April 5, 2021

oil and gasApril 5, 2021

Investors give a thumbs-up to latest OPEC policy


Saudi Arabian stocks outperformed on Sunday with advances led by its banking and petrochemical shares after OPEC+ paved the way for easing of oil production curbs. Other GCC markets struggled for direction with investors awaiting the next big clue.
Saudi Arabia’s benchmark index traded 0.7 per cent higher at 9,963 points with petrochemical and banking stocks leading the advances. Saudi-led OPEC+ decided in their Thursday meeting to gradually ease oil output curbs in coming months, a move that could add to the kingdom’s revenues if oil prices do not slide considerably. Lenders and energy companies will be the biggest beneficiary as they rely heavily on oil money.
Sabic, Saudi Aramco and Advanced Petrochemical all made upward movements with Riyad Bank, Banque Saudi Fransi and Al Jazira Bank joining the rally. However, the biggest boost came from Saudi National Bank which jumped 3.6 per cent adding to its gains after it completed merger with Samba Financial Group and is now solely trading as a merged entity.
The lender, which has named Ammar Abdul Wahed al-Khudairy as its new chairman on Sunday, is trading up more than 30 percent year-to-date as investors appeared to cheer the merger with $239 billion in combined assets. The consolidation of the two banks comes at a time when volatile oil prices and weak economic growth are pushing lenders merger in the region.
Abu Dhabi Securities Exchange edged up 0.2 per cent at 5,953 points in what was its sixth consecutive gain. Gulf Cement, Arkan Building Materials and International Holding were among the biggest gainers, while Abu Dhabi Aviation scaled up 3 per cent after it made public its plan to acquire Falcon Aviation Services. The index gains
were limited by First Abu Dhabi Bank, which slipped 0.3 percent.

qatar-tribune