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Gulf Arab stocks higher as oil exporters meet in Algiers

Xinhua, September 27, 2016 Adjust font size:

Stock market indexes from Kuwait to Dubai traded mostly higher on Monday as oil export nations hope for an agreement in Algiers between Organization of the Petroleum Exporting Countries (OPEC) members and non-OPEC states to cut oil production in order to boost the price of the "black gold."

The Saudi Arabian Tadawul market, the biggest in the Gulf, gained 0.74 percent to reach 5,956.59. The Qatar Exchange 30 Index in Doha rose almost in lockstep with Riyadh, moving 0.72 percent higher to 10,509.79.

In the United Arab Emirates (UAE), the shares of Abu Dhabi National Energy Company, the biggest oil and gas firm in the UAE, jumped 1.92 percent to reach 0.53 dirham (0.14 dollar).

The investors' eyes are on the next three days of the International Energy Forum 2016 in Algiers, Algeria, where OPEC states and non-OPEC states meet.

Algeria on Sunday expressed optimism that an agreement could be reached by major oil producing countries to stabilize the world oil market.

"I'm very optimistic that OPEC members would reach a consensual agreement to restore stability to the up-and-down oil market," Algerian Energy Minister Noureddine Bouterfa told a press conference preceding the informal meeting of OPEC in Algiers.

The price of oil (U.S. crude) surged 2.6 percent Monday to climb over 46 dollars per barrel (150 liter). Endit