Most major Gulf stocks closed higher on Tuesday

Most major Gulf  stocks markets closed higher on Tuesday, with Abu Dhabi outperforming the region, whereas the Saudi index retreated ahead of an OPEC+ meeting on output cuts.

In Abu Dhabi, the index advanced 2.6%, boosted by a 4.9% surge in Emirates Telecommunications (Etisalat), after its Egyptian unit Etisalat Misr and Telecom Egypt signed transmission and mobile-to-fixed interconnection agreements on Monday.

The deal will enable Etisalat Misr to continue delivering premium offers and mobile telecommunications services to customers in Egypt.

 

Elsewhere, First Abu Dhabi Bank (FAB) gained 2.7%.

The United Arab Emirates’ (UAE) largest lender sold $500 million in privately placed 30-year Formosa bonds with a 0% coupon last month, Reuters reported, citing two sources.

Dubai’s main share index edged up 0.1%, with budget airline Air Arabia advancing 3.7%.

The state news agency in the UAE, which suspended entry of non-Emirati residents on March 19, said residents with relatives in the country could start returning as of June 1.

Qatar’s index ended up 0.5%, as Qatar National Bank gained 1.1%.

Saudi Arabia’s benchmark index slipped 0.1%, hurt by a 0.8% fall in oil giant Saudi Aramco ahead of an OPEC+ meeting.

OPEC+ producers are considering extending their production cuts of 9.7 million barrels per day (bpd), equivalent to about 10% of global production, into July or August, at an online meeting expected to be held on June 4.

Outside the Gulf, Egypt’s blue-chip index rose 1%, with most constituents in positive territory and market heavyweight Commercial International Bank up 0.9%.