MIDEAST STOCKS Abu Dhabi outperforms Gulf peers, Saudi index close to 14-year high

Sept. 7 (Reuters) – The Abu Dhabi stock exchange outperformed its Gulf peers on Tuesday, buoyed by a rebound by telecommunications giant Etisalat, while the Saudi index closed at its highest level in nearly 14 years.

The Abu Dhabi Index (.ADI) rose 1.2%, supported by a 6.7% jump from Emirates Telecommunications Group (ETISALAT.AD), the company’s biggest intraday gain in eight months about.

Etisalat said earlier today that it has obtained the required approvals to increase the foreign ownership limit to 49%.

At the same time, the public holding ADQ announced its intention to list Abu Dhabi Ports Co on the Abu Dhabi Stock Exchange before the end of the year. Read more

On Monday, ADNOC Drilling announced its intention to list on the Abu Dhabi Stock Exchange, with its parent company Abu Dhabi National Oil Co selling a minimum 7.5% stake in an initial public offering. Read more

Saudi Arabia’s benchmark index (.TASI) dropped much of its initial gains to close 0.1% higher. Al Rajhi Bank (1120.SE) rose 0.5%, while Mobile Telecommunications Co Saudi Arabia, also known as Zain KSA (7030.SE), rose 1.3%.

The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, made a non-binding offer to buy a 60% stake in Zain KSA towers, backed by Kuwait, while two other investors offered to buy another 20% stake, valuing the towers at $ 807 million. Read more

The market has been weighed down by weak oil prices, said Wael Makarem, senior market strategist at Exness.

Brent crude futures fell 54 cents, or 0.8%, to $ 71.70 a barrel at 1:26 a.m. GMT, as sharp declines in Asian crude contract prices in Saudi Arabia have raises fears of a slowdown in demand.

Dubai’s main stock index (.DFMGI) rose 0.1%, helped by a 1.5% gain in Emaar Malls (EMAA.DU) after the company obtained regulatory approval to merge with the company mother Emaar Properties (EMAR.DU). Emaar Properties fell 0.5%.

Logistics company Aramex (ARMX.DU) finished up 0.8% after saying it split its core businesses as part of a reshuffle aimed at capturing growth in the post transportation and logistics industry. -COVID-19. Read more

The Qatari benchmark (.QSI) was stable.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) added 0.2% to snap two losing sessions as most stocks finished in positive territory. Egypt Kuwait Holding (EKHO.CA) gained 1.3%.

Egypt’s net foreign exchange reserves reached $ 40.672 billion in August, from $ 40.609 billion in July, the central bank said on Monday.

Reporting by Ateeq Shariff in Bangalore; Editing by Aditya Soni

Our Standards: Thomson Reuters Trust Principles.