Optimism about resolving the Saudi-Emirati dispute positively affects the Gulf stock exchanges

 Optimism about resolving the Saudi-Emirati dispute positively affects the Gulf stock exchanges

Most of the major stock markets in the Gulf recorded an increase, led by Saudi Arabia, today, Wednesday, with the reduction of oil losses after talking about ending the oil dispute between Saudi Arabia and the UAE over production policy for the next stage.

The benchmark Brent crude contracts for September delivery were traded at $76.37 a barrel, down 12 cents, or 0.16%, and US West Texas Intermediate crude contracts for August delivery, at $75 a barrel, down 25 cents, or 0.33%.

The news published by "Reuters" about ending the Saudi-Emirati dispute over extending the agreement by raising crude supplies contributed to reducing oil price losses by about 1.5 percent.

The Saudi market index rose 0.4% to 10,778 points, supported by energy and banking shares, led by "Aramco", up by 0.72%, and "SABIC" by 1.03%, and the Saudi National Bank and Al-Rajhi Bank, up by 1.45% and 0.37%, respectively.

In the UAE, the Abu Dhabi market index rose 0.47% to 7079.5 points, and the most prominent gainers were the shares of Abu Dhabi Commercial Bank and First Abu Dhabi Bank, up by 0.59% and 0.12%, respectively.

On the other hand, real estate shares continued their negative impact on the Dubai Stock Exchange index, which closed down 0.19% at 2755.45 points, and the losses were led by the shares of "Union", "Amlak" and "Emaar Development", declining by 8.3%, 2.53% and 1.08 % Respectively.

The Qatar Stock Exchange index increased by 0.07% to 10,776 points, and among the gaining shares were the shares of Qatar National Bank and Qatar National Bank, rising by 3.71% and 1.29%, respectively.

The first index in the Kuwait market rose by 0.16% to 6904.7 points, supported by industrial shares, led by the Kuwaiti "kib" and "paper" shares, rising by 9.19% and 7.19%, respectively.

The Muscat Stock Exchange index fell 0.04% to 4085.5 points, driven especially by the investment sector's losses, led by the International Investments and Al-Madina Investments, down by 5.63% and 4.17%, respectively.

The Bahrain index increased by 0.29% to 1576.28 points, led by the financial and industry sectors.

Earlier today, a source in the "OPEC +" alliance confirmed to "Reuters" that Saudi Arabia and the UAE have reached a compromise solution to the dispute that erupted recently over the level of oil production.

According to what the source mentioned to the agency, the agreement concluded that the UAE would obtain a higher reference production level; It amounts to 3.65 million barrels per day in future oil agreements, after the end of the current agreement, in April 2022.