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The majority of Gulf markets fall as OPEC+ hold-ups oil output walking

Many significant stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output boost by one month.

Eight members of OPEC+, which groups the Company of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to slowly loosen up the group's newest layer of output curbs - a cut of 2.2 million barrels each day (bpd).

OPEC and Saudi Arabia have consistently stated they do not target a particular cost and make choices based on market basics and in the interest of balancing supply and need.

Saudi Arabia's benchmark stock index dropped 0.4%,. injured by a 1.6% fall in aluminium products producer Al . Taiseer Group and a 2% decrease in Saudi Arabian Mining. Business.

On the other hand, telecom firm Etihad Etisalat. advanced 1.8%, after the company partnered with Telecom Egypt. to land first Saudi submarine cable television linking Saudi. Arabia and Egypt through Red Sea.

Dubai's primary share index lost 0.2%, with blue-chip. developer Emaar Properties falling 0.7% and Emirates. Central Cooling Systems Corp pulling away 1.1%.

In Abu Dhabi, the primary stock index was down 0.4%.

The Qatari index was flat in choppy trade, ahead of a. referendum on constitutional modifications. The unusual referendum is. for residents to vote on a set of constitutional amendments,. consisting of a proposal that would abandon an effort to present. elections.

(source: Reuters)