Reuters
Most Gulf markets fall on caution ahead of OPEC+ meeting; Saudi gains
D.Brown3 months ago
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A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing Rights
Nov 29 (Reuters) - Most Gulf stock markets dropped in early trade on Wednesday amid volatile oil prices, as investors remained cautious ahead of a crucial OPEC+ meeting to decide output policy in the coming months. Oil prices - a key catalyst for the Gulf's financial markets - fell slightly with Brent trading at $81.59 a barrel by 0740 GMT, after it gained about 2% on Tuesday. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets , after delaying the meeting from Nov. 26. In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.5%, weighed down by a 1.4% drop in Multiply (MULTIPLY.AD) and 1.2% decline in National Marine Dredging (NMDC.AD) . Dubai's benchmark stock index (.DFMGI) fell 0.1% in early trade, with most sectors in the red. Emirates Central Cooling Systems Corp (EMPOWER.DU) declined 1.8% and Aramex (ARMX.DU) dropped 3.8%. The Qatari benchmark index (.QSI) was down 0.1% with most sectors in the red, dragged down by 0.6% drop in Qatar Commercial Bank (COMB.QA) and 0.7% decline in Dukhan Bank (DUBK.QA) . Saudi Arabia's benchmark stock index (.TASI) edged up 0.1%, helped by gains in most sectors with Etihad Atheeb Telecommunication (7040.SE) surging 2.9% and Arabian Pipes (2200.SE) climbing 2.2%.Read the full article:https://www.reuters.com/world/middle-east/most-gulf-markets-fall-caution-ahead-opec-meeting-saudi-gains-2023-11-29/
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