Oct 12 (Reuters) – Major stock markets in the Gulf opened higher on Tuesday as oil prices extended gains amid energy crunch, while Abu Dhabi bucked the trend to trade slightly lower.
Saudi Arabia’s benchmark index (.TASI) climbed 0.2% after two straight sessions of falls, with Al Rajhi Bank (1120.SE) rising 0.5% and petrochemical maker Saudi Basic Industries (2010.SE) gaining 0.9%.
Oil giant Saudi Aramco (2222.SE) fell 0.3%. Aramco has asked banks to arrange a loan expected to be in the $12 billion-$14 billion range that it plans to offer to buyers of its gas pipeline network, Reuters reported citing sources, as the oil giant advances plans to raise funds from asset sales. read more
Renewable energy utility ACWA Power International (2082.SE) was flat, a day after jumping 30% in its market debut following a $1.2 billion IPO.
Newly listed stocks are allowed to rise or fall up to 30% on their first three days of trading.
Emaar Properties said on Monday shareholders had approved an all-share merger with Emaar Malls.
Reporting by Ateeq Shariff in Bengaluru; Editing by Subhranshu Sahu
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