Saudi index gains ahead of OPEC+ meet; Qatar falls

Oct 2 (Reuters) – Gulf stock markets ended mixed on Sunday ahead of an OPEC+ meeting, with the Saudi index rising for a fourth consecutive day while the Qatar stock market closed lower.

OPEC+ oil producers considering cutting their production target at a meeting Oct. 5 are focused on a cut of between 500,000 and 1 million barrels per day (bpd) to support the market, Reuters reported on Friday, citing OPEC+ -Sources. Continue reading

According to XTB MENA Senior Market Analyst Farah Mourad, markets in the region could see some volatility ahead of and after the OPEC meeting and the release of key US economic data.

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The reference index (<.TASI>) in Saudi Arabia, the top OPEC producer in August, which flagged the possibility of output cuts to deal with market volatility, rose 0.7%, led by a 1.5% gain in Al Rajhi Bank (<1120. SE>).

The kingdom expects a surplus of 0.2% of GDP for 2023, down from an expected surplus of 2.3% this year, which has been revised down slightly, a preliminary budget statement showed on Friday as it cut spending amid a windfall through oil boosts proceeds.

The main index could come under pressure if crude prices fall further, Mourad said.

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“However, it could find support from OPEC’s decision in a few days.”

The Qatari Index (<.QSI>) fell 1.2%, helped by a decline in petrochemical maker Industries Qatar () was debited by 1.7%.

“The market remains subject to fresh price corrections while the direction of the natural gas market is uncertain.”

The Danish Energy Agency said on Sunday it had been informed by Nord Stream AG that stable pressure had been reached in the damaged Nord Stream 1 pipeline and that this indicated that the outflow of natural gas from recent leaks has now stopped became.

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Last month, Europe attempted to probe possible sabotage behind sudden and unexplained leaks in two Russian gas pipelines under the Baltic Sea, sending gas prices skyrocketing and sparking a search for alternative energy sources.

Outside the Gulf, Egypt’s blue chip index fell (<.EGX30>) up 1% as most stocks in the index were in negative territory, including leading lender Commercial International Bank (), which fell by 0.9%.

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Reporting by Ateeq Shariff in Bengaluru; Editing by Nick Macfie

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