Gulf Arab markets advance slightly following OPEC oil cut extension deal

DUBAI, Dec. 4 (Xinhua) -- Stock indexes from Kuwait to Oman posted modest gain on Monday after the oil exporting cartel OPEC along with non-OPEC member Russia decided last week to extend a cap on oil production until the end of 2018.

The Saudi-Arabian Tadawul All-Share Index gained 0.19 percent to reach 7,103.08. Capital goods shares and consumer stocks were demanded in particular in Riyadh.

Earlier last week, 24 oil exporting countries, OPEC members and non-members agreed to extend the output cut till the end of 2018, nine months longer than the previous agreement.

However, after oil (U.S. crude) stabilized above 59 dollars per barrel, the price of the "black gold" retreated earlier today by 1.1 percent to 57 dollars per barrel.

Earlier in the day, Tadawul said on its website it signed with U.S. stock exchange Nasdaq an agreement "to transform Tadawul's Post-Trade technology infrastructure, that includes registry, depository and risk management technologies."

In addition to the post-trade area, Tadawul added, "Nasdaq will continue to support the existing trading and market surveillance technology at Tadawul."

The stock market gauge in Kuwait (the Gulf state derives over 90 percent of its federal income from oil revenues) added 0.13 percent, ending at 6,221.94.

In the United Arab Emirates (UAE), the Dubai Financial Market (DFM) General Index climbed 0.34 percent to reach 3,431.82.

Market bellwether Emaar Properties which currently builds the Dubai Tower which is posed to be higher than its 2010-completed Burj Khalifa (the world's tallest tower at 829 meter) gained 2.78 percent to hit 7.76 dirham (2.11 dollar).

But investors were carefully building up positions in Emaar's recently listed subsidiary Emaar Development which closed 0.54 percent higher at 5.63 dirham (1.53 dollars) at the closing, a far cry below its pre-IPO offer price of 6.03 dirham.

On Dubai's international exchange Nasadaq Dubai, global port operator DP World surged 0.29 percent to hit 24.05 dollars. Earlier in the day, DP World said in an e-mailed statement it completed the acquisition of an additional 66.67 percent stake in Empresa Brasileira de Terminais Portuarios, known as Embraport, in Brazil from the local firm Odebrecht Transport.

Diversified UAE company Al Qudra Holding was earlier today traded for the first time on the second market of the Abu Dhabi securities market ADX, whose lead index ended up 1.02 percent at 4,326.81.

According to UAE-based economist Dr. Nasser Saidi, President of Nasser Saidi and Associates, the market awaits the listing of Abu Dhabi National Oil Company (Adnoc) whose total market capitalization could be 8-10 billon dollars.

"The IPO is most likely the largest listing in the UAE to date," said the expert. The price range was set at 2.35 dirham to 2.95 dirham (0.64 dollars to 0.80 dollars).

In Oman, the Muscat Securities Market (MSM) added 0.06 percent to close at 5,109.62. Enditem