Most Gulf stock markets rise, in line with oil prices

A Saudi trader observes the stock market on monitors at the Falcom stock exchange in Riyadh, Saudi Arabia, February 7, 2018. REUTERS / Faisal Al Nasser

Dec 6 (Reuters) – Most Gulf stock markets rose early in Monday, on track to extend the previous session’s gains in line with rising oil prices.

Crude prices, a key catalyst for Gulf financial markets, rose more than $ 1 a barrel after leading exporter Saudi Arabia raised prices for its crude sold to Asia and states United, and as indirect US-Iranian talks on relaunching a nuclear deal emerged. find themselves in a dead end.

Saudi Arabia’s benchmark index (.TASI) climbed 0.8%, led by an increase of 2.9% for Al Rajhi Bank (1120.SE) and a gain of 2.2% for the petrochemical manufacturer Saudi Basic Industries Corp (2010.SE).

Saudi Arabia’s sovereign wealth fund (PIF) sells 5.01% stake in Saudi Telecom Co (STC) (7010.SE) through secondary stock offering, STC announced on Sunday.

PIF plans to sell 100.2 million shares in a price range of 100 riyals to 116 riyals per share, which could raise up to 11.623 billion riyals ($ 3.10 billion) at the top of the fork.

STC shares fell more than 3%.

In Abu Dhabi, the index (.ADI) gained 0.7%, with Emirates Telecommunications Group (ETISALAT.AD) advancing by 3%, on track for

for a ninth session out of ten.

In November, the telecommunications operator signed an agreement to acquire the elGrocer DMCC online grocery delivery marketplace.

Dubai’s main stock index (.DFMGI) rose 1.5%, supported by a 1.9% increase from blue-chip developer Emaar Properties (EMAR.DU) and a 1.6% increase from compliant lender to the Dubai Islamic Bank (DISB.DU) sharia.

The UAE’s top national security adviser, Sheikh Tahnoon bin Zayed Al Nahyan, will visit Iran on Monday to discuss expanding bilateral relations with the Islamic Republic, Iranian state media reported on Sunday. Read more

The Qatari index (.QSI) rose 0.1%, helped by a 1.6% rise from Mesaieed Petrochemical (MPHC.QA).

($ 1 = 3.7513 riyals)

Reporting by Ateeq Shariff in Bangalore; Editing by Alex Richardson

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