October 6 (Reuters) – The Saudi stock market rose early in Wednesday to reach its highest level in nearly 14 years amid rising oil prices, while the Dubai index was on the way down record its fourth day of losses.
Brent crude prices also climbed for a fourth day amid supply concerns, especially after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, decided on Monday to maintain their planned production increase rather than boost it further.
Saudi Arabia’s benchmark index (.TASI) rose 0.7%, with Al Rajhi Bank (1120.SE) up 1.4%, while oil giant Saudi Aramco (2222.SE ) rose 1.8% to 37.75 riyals per share, or nearly a valuation of $ 2 trillion.
Aramco will complete its plan to expand oil production by one million barrels per day (bpd) by 2027 to bring total production to 13 million bpd, its CEO said on Monday.
Aramco also aims to expand its oil trading business to 8 million barrels per day over the next five years, up from 5.5 million barrels per day currently, he added.
Dubai’s main stock index (.DFMGI) fell 0.7%, with Emirates NBD Bank (ENBD.DU) losing 3% and the Shariah-compliant lender Dubai Islamic Bank (DISB.DU) losing 0.8%.
The UAE’s non-oil private sector continued to expand in September as the recovery from the COVID-19 pandemic in the Middle East’s trade and tourism hub remained strong, although the creation of jobs slowed, a business survey revealed Tuesday. Read more
In Abu Dhabi, the index (.ADI) edged up 0.1%, helped by a 1.2% rise in the Abu Dhabi Commercial Bank (ADCB.AD).
The Qatari index (.QSI) gained 0.5%, while petrochemical maker Industries Qatar (IQCD.QA) rose 1.2%.
Reporting by Ateeq Shariff in Bangalore; Editing by Krishna Chandra Eluri
Our Standards: Thomson Reuters Trust Principles.