MIDEAST STOCKS Most Gulf markets rise in early trade; Qatar flat

This post was originally published on this site

An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike

Most stock markets in the Gulf region rose in early trade on Monday, with property and financial shares leading gains, although Qatar traded flat.

Saudi Arabia’s benchmark index (.TASI) was up 0.1%, with Saudi Telecom Company (7010.SE) rising 1.7% and Al Rajhi Bank (1120.SE) up 0.2%.

However, Saudi Aramco (2222.SE) was down 0.1%. The oil giant has hired banks to arrange its inaugural issuance of U.S. dollar-denominated sukuk, as it seeks cash to fulfil large commitments to its major shareholder, the Saudi government. read more

In Dubai, the main share index (.DFMGI) rose 0.4%, supported by a 6.3% surge in developer Damac Properties (DAMAC.DU) and a 1% jump in blue-chip developer Emaar Properties (EMAR.DU) after reporting a 250% surge in property sales in the first five months of 2021.

The builder of the world’s tallest building, Dubai’s Burj Khalifa, also hired banks for issuance of U.S. dollar-denominated Islamic bonds, or sukuk, two sources close to the matter said last week. read more

The Abu Dhabi index (.ADI) edged up 0.1%, on course to extend the gains from previous session, with the country’s largest lender, First Abu Dhabi Bank (FAB.AD) gaining 0.1%, and Abu Dhabi Islamic Bank (ADIB.AD) advancing 0.4%

Separately, The United Arab Emirates’ non-oil private sector expanded for a sixth consecutive month in May, though at a slightly slower pace than in April, data showed on Thursday, while employment shrank for the fourth straight month. read more

The pandemic hit the Gulf state hard last year, both through the shock of low oil prices and the huge toll it took on vital non-oil economic sectors such as tourism.

Qatar’s benchmark index (.QSI), however, bucked the trend to trade flat, with Petrochemical maker Industries Qatar (IQCD.QA) down 0.2%.

($1 = 3.6724 UAE dirham)

Our Standards: The Thomson Reuters Trust Principles.