March 11, 2020 / 1:31 PM / 21 days ago

MIDEAST STOCKS-Saudi, UAE indexes fall as oil prices drop

    * Saudi Aramco closes down at 29.7 riyals
    * All Saudi banks decline
    * Bahri jumps on tankers booking
    * Qatar's Barwa surges ahead of FY results

    By Maqsood Alam
    March 11 (Reuters) - Stock markets in Saudi Arabia and United Arab Emirates
(UAE) closed lower on Wednesday as oil prices fell after both the countries
promised to raise oil output amid an oil-supply policy dispute with Russia.
    Saudi Arabia directed Saudi Aramco to raise its oil production capacity to
13 million barrels per day from 12 million bpd. UAE's national oil company
(ADNOC) said that it would raise crude supply to more than 4 million bpd in
April and would accelerate plans to boost its capacity to 5 million bpd.

    Brent crude fell almost 3% to $36.13 per barrel by 1221 GMT.

    On Monday, Saudi Arabia slashed crude prices for April and set plans to
raise production next month after Russia refused to support deeper oil
production cuts, causing oil prices to fall 25% and Gulf equities to post record
declines.
    Saudi Arabia's index declined 3.1% as Saudi Aramco plunged
4.7% to 29.70 riyals ($7.91) below its initial public offering price of 32
riyals.
    Al Rajhi Bank lost 3% and National Commercial Bank was
down 3.8%.
    But National Shipping Company (Bahri) soared 9.9%, its sharpest rise
since October 2008, on news that it booked as many as 14 super-tankers to ship
crude oil to customers worldwide.
    Dubai's index slipped 1% as Commercial Bank Of Dubai
plunged 9.9%.
    Emaar Properties, which will stop taking bookings at three hotels
from March 15 amid coronavirus fears, lost 1.4%.
    Abu Dhabi's index shed 0.6% with First Abu Dhabi Bank losing
1.2% and Abu Dhabi Commercial Bank declining 5.2%
    The Qatari index, however, rose 2.1%, extending its gain from the
previous session and buoyed by rise in banking shares.
    Commercial Bank surged 6.7%, while Qatar Islamic Bank
was up 3.3%.
    Barwa Real Estate jumped 8.8%, its biggest intra-day rise in more
than three years. The real estate developer is slated to report its 2019
financial results later on Wednesday.
    In Egypt, the blue-chip index edged down 0.1% with the tobacco firm
Eastern Company rising 3.4% and Egypt Kuwait Holding shedding
4%.
    
 SAUDI ARABIA          fell 3.1% to 6,552 points
 ABU DHABI            slipped 0.6% to 4,236 points
 DUBAI                  lost 1% to 2,208 points
 QATAR                rose 2.1% to 8,613 points
 EGYPT                  edged down 0.1% to 11,194 points
 BAHRAIN              edged down 0.3% to 1,493 points
 OMAN                 was up 0.9% to 3,798 points
 KUWAIT               increased 1.4% to 5,174 points
 

($1 = 3.7533 riyals)

 (Reporting by Maqsood Alam in Bengaluru, editing by Larry King)
  
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