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Saudi-Russian consultations at G20 boost Gulf Arab market shares

Xinhua, September 6, 2016 Adjust font size:

Saudi-Russian consultations at the G20 summit held in Hangzhou, China, caused a marked increase in stock market indexes from Dubai to Saudi Arabia, according to Dubai's Gulf News.

The Saudi-Russian consultations led to an increase in the price of oil, and Brent crude oil rose two percent Monday reaching 47.60 U.S. dollars a barrel, causing a 1.72 percent jump in the Saudi Arabian Tadawul market index, finishing at 6,204.08.

Earlier, Russian President Vladimir Putin and Saudi Arabia's Deputy Crown Prince Mohammad Bin Salman met on the sidelines of the two-day G20 summit and consulted on how to stabilize the weak oil market, according to the daily paper.

Energy Ministers from both sides, Russia's Alexander Novak and his Saudi counterpart Khalid Al-Falih, announced on Monday the setting up of a special task force to develop standard procedures in order to ensure the hydrocarbon market's "stability."

Saudi Arabia and Russia are both major oil exporters and experienced substantial drops in revenue since the oil slump began in June 2014, when oil traded at 110 dollars a barrel.

The oil, also known as the "black gold," hit a 13-year low to less than 27 dollars a barrel at the start of 2016.

Dubai's financial market general index, known to be the most volatile indicator in Gulf Arab countries, advanced 0.31 percent, reaching 3,546.23.

Also, the Abu Dhabi ADX market, home to seven percent of the world's oil reserves, advanced 0.89 percent, ending at 4,512.01.

Plus, the Kuwaiti KSX 15 index also rose slightly up to 802.9 points, while the MSM30 Index in Muscat, Oman, registered at 0.36 percent, closing at 5,748.56 points.

However, in Doha, the Qatar Exchange 20 Index failed to follow the region's lead, and slipped 0.10 percent down to 10,839.73. Endit