Saudi gains ahead of OPEC+ meet as oil prices climb

A Saudi dealer observes the inventory market on displays at Falcom inventory change company in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser

Sept 4 (Reuters) – Saudi Arabia’s inventory market ended larger on Sunday as oil costs rose forward of Monday’s OPEC+ assembly, whereas Qatar continued its down pattern as inflation worries and the tightening U.S. Federal Reserve coverage outlook sapped buyers’ threat urge for food.

Oil, a key driver for Gulf markets, rose 66 cents to $93.02 a barrel on Friday on expectations that the assembly of the Group of the Petroleum Exporting Nations and different main producers together with Russia will talk about output cuts.

Saudi Arabia’s benchmark index (.TASI) edged up 0.4%, with Riyad Financial institution (1010.SE) rising 3.3% whereas oil behemoth Saudi Aramco (2222.SE) was up 1.5% at 37.65 riyals ($10.02).

Amongst different shares, Arabian Contracting Providers Firm (4071.SE) gained 0.6% after its board proposed a 1.90 riyals per share half yearly dividend.

In Qatar, the index (.QSI) slipped 0.3%, extending the losses for six straight classes, as good points in industrial shares had been offset by losses within the monetary sectors with industrial Financial institution (COMB.QA) lowering 1.8%.

Industries Qatar (IQCD.QA) was up 1%.

Individually, Qatar’s overseas minister stated in remarks cited by Al Jazeera TV on Saturday that his authorities will step up investments within the fuel sector.

Egypt’s blue-chip index (.EGX30) ended 0.6% larger because the nation’s lone cigarette maker, Jap Firm (EAST.CA), jumped 3%, after it raised costs for its Native Cigarettes Manufacturers efficient Sept. 4.

($1 = 3.7585 riyals)

Reporting by Shamsuddin Mohd in Bengaluru;
Enhancing by Andrew Cawthorne

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