Aramco Shares Eye Record High After Bumper Earnings: Inside EM

(Bloomberg) --

Saudi Aramco headed to the highest level on record after the oil producer’s earnings soared. Stocks in Abu Dhabi, Kuwait, Bahrain and Oman also rose, while those in Qatar and Dubai traded lower.

MIDDLE EASTERN MARKETS:

• Tadawul rises 0.3% at 10:17 am in Riyadh after falling for three days
  • Aramco is among top three shares boosting gauge, rising as much as 1.5%
  • Al Rajhi +0.6%; Sabic Agri-Nutrients +2.4%; Sabic +0.8% are among others rising
    • READ: Al Rajhi Share Gains May Spur Metrics Rethink: Earnings Outlook
• Abu Dhabi’s ADX General Index gains 0.3%
  • IHC +1.1%; RAK Cement Investment +5.6%; Aldar +0.7%
• Dubai Financial Market drops 0.2%
  • Emirates NBD -0.7%; Dubai Islamic Bank -0.4%; Dubai Investments -0.6%
  • Damac Properties surges 8.8% after Hussain Sajwani raised the offer price to buy the rest of the company
    • READ: Dubai Billionaire Sajwani Ups Damac Offer Amid Investor Backlash
• Kuwait’s Premier Market Index climbs 0.3%
  • Kuwait Finance House +0.5%: Boursa Kuwait +4.5%; Zain +0.7%
• Qatar’s QE Index falls 0.2%, led by loses Industries Qatar

Key News:

• Saudi Arabia has started moving earth and tunneling through mountains to build a futuristic linear city that officials hope will host its first residents in 2024
• Saudi Arabia intends to bid to hold the 2030 World Expo in Riyadh, the year that’s supposed to mark the culmination of its program to diversify the economy away from oil
• U.S. President Joe Biden and the leaders of Germany, France, and the U.K. said they still see a chance to revive a deal with Iran over its nuclear program, but that Tehran must change course before any relief on sanctions

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