Middle East stocks were mostly lower at mid-day, tracking global
markets, which slumped following disappointing data from China.
China's Q1 GDP and March industrial production data both missed
estimates, and further stocked fears that global growth is slowing
In Turkey, two-year benchmark bond yields rose to 5.77%
following the downbeat Chinese data amid expectations that the
central bank will cut the interest rates by tomorrow, according to
a report on Bloomberg.
Meanwhile, in Saudi Arabia, several water and sanitation
projects, including reservoirs across the kingdom, valued at about
$96 million, were approved, according to another report on
Bloomberg, citing the state-owned Saudi Press Agency. Aside from
being the biggest oil producer in the region, Saudi Arabia is also
the largest producer of desalinated water, the report added.
Among stocks, Suncor Energy (
) is down 3.90% at $27.32 after announcing it has sold gas and oil
assets in Canada to U.K.'s Centrica and Qatar Petroleum
International for CAD 1 billion or around $987 million. The assets
sold also include properties that have the potential for shale gas
production. Under the acquisition agreement, Centrica will own a
60% share, while Qatar Petroleum will own the remaining 40%.
According to a report on Reuters, the acquisition shows that
Middle East oil and gas producers are becoming increasingly
interested in getting a slice od an "unconventional oil and gas
The fields in the Western Canadian Sedimentary Basin will be
held in a new partnership in which
Egypt's main index fell 0.48% to 5275.04; Dubai lost 0.39% to
1967.96; Saudi Arabia slipped 0.38% to 7195.67; Abu Dhabi shed
0.91% to 3105.48; Kuwait was down 0.16% to 6952.35; and Bahrain
dipped 0.39% to 1087.63.
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