AGL 38.00 Increased By ▲ 0.43 (1.14%)
AIRLINK 132.00 Decreased By ▼ -0.50 (-0.38%)
BOP 5.59 Decreased By ▼ -0.05 (-0.89%)
CNERGY 3.80 Increased By ▲ 0.03 (0.8%)
DCL 8.76 Decreased By ▼ -0.11 (-1.24%)
DFML 40.81 Decreased By ▼ -0.19 (-0.46%)
DGKC 88.27 Decreased By ▼ -1.89 (-2.1%)
FCCL 35.20 Increased By ▲ 0.12 (0.34%)
FFBL 66.00 Decreased By ▼ -0.50 (-0.75%)
FFL 10.39 Increased By ▲ 0.24 (2.36%)
HUBC 108.80 Increased By ▲ 2.40 (2.26%)
HUMNL 14.19 Increased By ▲ 0.79 (5.9%)
KEL 4.84 Decreased By ▼ -0.02 (-0.41%)
KOSM 6.85 No Change ▼ 0.00 (0%)
MLCF 41.49 Decreased By ▼ -0.31 (-0.74%)
NBP 59.50 Increased By ▲ 0.92 (1.57%)
OGDC 180.67 Decreased By ▼ -0.58 (-0.32%)
PAEL 25.45 Decreased By ▼ -0.25 (-0.97%)
PIBTL 5.89 Increased By ▲ 0.06 (1.03%)
PPL 145.50 Decreased By ▼ -2.90 (-1.95%)
PRL 23.27 Increased By ▲ 0.05 (0.22%)
PTC 15.35 Increased By ▲ 0.11 (0.72%)
SEARL 67.85 Decreased By ▼ -0.94 (-1.37%)
TELE 7.25 Increased By ▲ 0.01 (0.14%)
TOMCL 35.80 Decreased By ▼ -0.20 (-0.56%)
TPLP 7.46 Increased By ▲ 0.06 (0.81%)
TREET 14.03 Decreased By ▼ -0.21 (-1.47%)
TRG 50.70 Decreased By ▼ -0.15 (-0.29%)
UNITY 26.40 No Change ▼ 0.00 (0%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,764 Decreased By -4.1 (-0.04%)
BR30 29,497 Increased By 97.1 (0.33%)
KSE100 91,850 Decreased By -87.8 (-0.1%)
KSE30 28,657 Decreased By -87.1 (-0.3%)

Most major stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output increase by one month.

Eight members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to gradually unwind the group’s most recent layer of output curbs - a cut of 2.2 million barrels per day (bpd).

OPEC and Saudi Arabia have repeatedly said they do not target a certain price and make decisions based on market fundamentals and in the interest of balancing supply and demand.

Saudi Arabia’s benchmark stock index dropped 0.4%, hurt by a 1.6% fall in aluminium products manufacturer Al Taiseer Group and a 2% decline in Saudi Arabian Mining Company.

Most Gulf markets subdued on regional tensions

On the other hand, telecom firm Etihad Etisalat advanced 1.8%, after the firm partnered with Telecom Egypt to land first Saudi submarine cable linking Saudi Arabia and Egypt through Red Sea.

Dubai’s main share index lost 0.2%, with blue-chip developer Emaar Properties falling 0.7% and Emirates Central Cooling Systems Corp retreating 1.1%.

In Abu Dhabi, the main stock index was down 0.4%.

The Qatari index was flat in choppy trade, ahead of a referendum on constitutional amendments. The rare referendum is for citizens to vote on a set of constitutional amendments, including a proposal that would abandon an effort to introduce elections.

Comments

200 characters