Gulf stocks advance as investors await outcome of OPEC meet

Most Gulf stocks rose as investors weighed the prospect of a deal among oil producers to cut supply, potentially shoring up prices of the region’s biggest export. Saudi Arabia’s Tadawul All Share Index was among the biggest gainers, climbing a fourth day. Dubai’s DFM General Index, Kuwait’s SE Price Index and Abu Dhabi’s ADX General Index also advanced. While Brent crude slumped on Friday after planned talks between producers inside and outside the Organisation of Petroleum Exporting Countries (OPEC) were cancelled, the group gathers November 30 in Vienna in a bid to agree on a deal to drag the market out of a 2 1/2-year downturn. The six-nation Gulf Cooperation Council is home to about 30 per cent of the world’s proven crude reserves and governments depend on energy income for the bulk of spending. “All eyes are on OPEC and markets will move in tandem with the news that we hear from them,” said Joice Mathew, head of equity research for the Gulf region at United Securities in Muscat, Oman. “It’s not very positive news that we hear at the start of the week, but in the case of OPEC anything can happen.” (Filipe Pacheco/Bloomberg)