Strengthening oil may give regional markets and equities an early spur

Firmer crude oil and Asian share prices may encourage investors to accumulate Arabian Gulf equities on Monday.

Brent futures are up 0.5 per cent to $44.47 a barrel in early trading, lifted by reports of renewed talks by some members of the Opec to restrain output.

MSCI’s broadest index of Asia-Pacific shares outside Japan has risen 0.3 per cent and is hovering below a one-year high hit last week.

Saudi Arabia’s petrochemical sector may continue to attract interest after its sub-index rose 1.5 per cent on Sunday; it is down 2.2 per cent over the last three months.

Kuwait’s Agility may rise after the logistics company reported an 11 per cent rise in second-quarter net profit to 15 million Kuwaiti dinars, ahead of Sico Bahrain’s forecast of a quarterly profit of 13.7m dinars.

Egypt’s landline monopoly Telecom Egypt may be bought on news that the board gave its final approval for plans to buy a fourth-generation mobile phone licence, although the price was not disclosed, according to a senior source at the company. This would allow the company to be a direct player in the mobile phone market.


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