MidEast Stocks Track Global Markets, Commodities Lower; Suncor Energy Divests Natural Gas, Crude Oil Business to Centrica, Qatar Petroleum


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 down.

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 ( SU ) 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 production boom."

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: SU

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