Page 193 - SALIK PR REPORT JANUARY 2024

1/5/24, 12:01 PM Mideast Stocks: Major Gulf markets mixed on Fed minutes, rising oil
In Abu Dhabi, the index eased 0.1%.

Saudi Arabia's benchmark index reversed early losses to trade 0.5% higher, with auto rental firm Lumi
gaining 1.9%, while oil giant Saudi Aramco added 0.3%.

Oil prices - which fuel the Gulf's economy - rose adding to solid gains in the previous session on
persisting concerns over Middle Eastern supply following disruptions at a field in Libya and heightened

tensions around the Israel-Gaza war.

The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that cooperation
and dialogue within the wider OPEC+ producer alliance will continue.

However, the Saudi index's gains were limited by losses in petrochemical and cement firms .

Several Saudi Arabian companies released regulatory filings late on Wednesday and Thursday saying

that state energy company Saudi Aramco's decision to raise feedstock and fuel prices for this year will
raise production costs and lower earnings.

Among the losers, Saudi Basic Industries Corp declined more than 2%, whereas Sahara International
Petrochemical Co slipped 1.9%.

In the cement division, City Cement slid 3.2% and Saudi Cement was down 2.7%.

Dubai's main share index added 0.1%, helped by a 2.1% increase in toll operator Salik Co.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Mrigank Dhaniwala)

MARKETS
MIDDLE
EAST
EGYPT
EQUITIES

https://www.zawya.com/en/markets/equities/mideast-stocks-major-gulf-markets-mixed-on-fed-minutes-rising-oil-p5e8etov 2/2