U.S. markets closed
  • S&P 500

    -40.15 (-1.21%)
  • Dow 30

    -157.51 (-0.59%)
  • Nasdaq

    -274.00 (-2.45%)
  • Russell 2000

    -23.10 (-1.48%)
  • Crude Oil

    -0.45 (-1.24%)
  • Gold

    +10.80 (+0.58%)
  • Silver

    +0.35 (+1.52%)

    -0.0029 (-0.24%)
  • 10-Yr Bond

    +0.0250 (+2.99%)

    +0.0028 (+0.22%)

    +0.0520 (+0.05%)

    +275.89 (+2.07%)
  • CMC Crypto 200

    +1.78 (+0.68%)
  • FTSE 100

    -4.48 (-0.08%)
  • Nikkei 225

    -354.81 (-1.52%)

Mideast Stock Markets Trade Mixed With Oil in Focus: Inside EM

Filipe Pacheco
·3 mins read

(Bloomberg) -- The main equities gauge in Riyadh climbed while those in Kuwait and Abu Dhabi fell after leaders from Russia and Saudi Arabia discussed the OPEC+ agreement over the weekend and indicated further cooperation to support oil prices.

The Tadawul All Share Index climbed as much as 0.5% on Sunday in Riyadh, trimming its increase at the close to 0.1%. Gauges in Oman, Qatar and Israel also gained, while those in Dubai, Abu Dhabi, Kuwait and Egypt fell as much as 1.2%.

Russian President Vladimir Putin and Crown Prince Mohammed Bin Salman spoke Saturday in what the Kremlin said was a continuation of an Oct. 13 conversation. The latest call came two days before several OPEC+ ministers are set to discuss the implementation of production cuts during a meeting of the so-called Joint Ministerial Monitoring Committee.

This week’s intensive oil diplomacy comes as coronavirus cases surge in Europe and the Americas, weighing on the outlook for demand over the next few months.

Both demand and supply risks are of concern, said Hootan Yazhari, managing director of equity research at BofA Securities. “Certainly what we are seeing is demand for jet-fuel pulling back,” he said in an interview with Bloomberg TV on Sunday. Still, “we are concerned about demand, particularly given the re-emergence of the second wave across Europe.”


The Tadawul All Share Index extends gains in October to 3.2%Almarai +3.4%; Sabic +1%; Savola +2%: Jabal Omar +0.7%Abdullah Al Othaim Markets gains 1.4%NOTE: The company said in a statement published on Twitter that it stopped importing Turkish products, saying the decision came in solidarity to a so-called “popular boycott campaign” by Saudi citizens against TurkeyMORE, on Oct. 10: Turkish Businesses Call on Saudi Arabia Not to Block ImportsREAD: Sabic, Aramco to Reevaluate Scope of Crude-to-Chemicals ProjectIn Tel Aviv, the TA-35 climbs 0.5% as of 3:42 p.m. local timeIsrael eased coronavirus-related restrictions in most of the country on Sunday as new infections continued to decline, though localities with the highest morbidity numbers will still be subject to curbsDelek Group jumps as much as 8.5% after saying it will sell 70% stake in Delek Israel to Lahav L.R. and a partner for ILS525mREAD: Delek to Sell Unit Stake to Lahav After Pulling Deal With ArbelKuwait’s Premier Market index drops 1%, the most in the GulfBoubyan Bank falls as much as 2.5%, the most in near three weeksOct. 12: Drop KFH, Add Boubyan Ahead of Kuwait MSCI Upgrade: EFG-HermesQatar’s QE Index rises 0.1%, rising for the first time in four sessionsOct. 14: Qatari Second-Quarter GDP Drops to Lowest Since 2012 on PandemicEgypt’s EGX 30 declines 1.2%, the biggest drop for a session in near six weeksCommercial International Bank -1%; EFG-Hermes -3.3%; ElSewedy -2.9%; Talaat Moustafa Group -2.9%

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.