Abu Dhabi snaps 9-day losing streak; Saudi extends losses – Reuters.com

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June 14 (Reuters) – Abu Dhabi’s stock market rebounded on Tuesday, ending a nine-day losing streak, while the Saudi index extended losses for a second session as the uncertainty remained among investors ahead of the U.S. Federal Reserve’s policy meeting on Wednesday.

In Abu Dhabi, the index (.FTFADGI) gained 0.9%, led by a 4.2% jump in telecoms firm e& (ETISALAT.AD).

The market found some support from the oil markets where prices continue to climb overall, said Daniel Takieddine, CEO MENA at BDSwiss.

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“At the same time, natural gas prices remained volatile with no clear direction.”

Oil prices, a key catalyst for the Gulf’s financial markets, were up, with Brent crude rising to $122.42 per barrel amid tight global supply.

In Qatar, the index (.QSI) edged up 0.1%, helped by a 2.2% rise in the Gulf’s biggest lender, Qatar National Bank (QNBK.QA).

Dubai’s benchmark index (.DFMGI) added 0.3%, with top lender Emirates NBD (ENBD.DU) gaining 1.5%.

The United Arab Emirates’ federal government aims to increase spending by 1.23 billion dirhams ($335 million) in the 2022 budget, the Federal National Council said on Twitter on Tuesday. read more

Saudi Arabia’s benchmark index (.TASI) lost 0.3% with Al Rajhi Bank (1120.SE) falling 1.2% and oil giant Saudi Aramco (2222.SE) down 0.9%.

U.S. President Joe Biden will discuss energy production as part of his trip this month to the Middle East, including to Saudi Arabia, White House’s National Security Council spokesman John Kirby said on Tuesday.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) eased 0.3%, with Talaat Mostafa Group Holding (TMGH.CA) declining 3.3%.

Higher oil and wheat prices will cost the Egyptian budget over $10 billion, Finance Minister Mohamed Maiit told CNBC Arabia on Sunday. read more

Egypt has been suffering from a shortage of foreign currency since the coronavirus pandemic chased away many tourists, international portfolio investors withdrew funds and the Ukrainian crisis pushed up imported commodity prices.

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Reporting by Fathimath Jazeela in Bengaluru; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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