MIDEAST STOCKS Most major Gulf stock markets gain; Qatar index eases

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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 major stock markets in the Gulf rose in early trade on Sunday supported mostly by banking stocks, while Qatar bucked the trend to trade lower.

In Dubai, the main share index (.DFMGI) was up 0.6%, boosted by a 1.2% rise in Islamic lender Dubai Islamic Bank (DISB.DU) and a 0.7% increase in its largest bank Emirates NBD (ENBD.DU).

Deyaar Development (DEYR.DU) also gained 1% after its board approved a settlement offer of AED 500 million ($136.14 million) in a dispute with Limitless

Saudi Arabia’s benchmark index (.TASI) rose 0.3%, as Al Rajhi Bank (1120.SE) gained 0.4%, and Saudi Telecom (7010.SE) advanced 0.9%.

The Abu Dhabi index (.ADI) also edged 0.1% higher, with Abu Dhabi Commercial Bank (ADCB.AD) gaining 1.3%, while International Holding Company (IHC.AD) was up 0.8%.

In Qatar, the benchmark index (.QSI), however, edged down 0.1%, as Industries Qatar fell 0.9%, but Qatar National Bank (QNBK.QA) rose 0.1%.

QNB, the Gulf’s biggest bank by assets, said on Friday it has signed an agreement with Moscow-based asset manager VTB Capital Investments, to launch funds to attract foreign capital into Russia and Qatar. read more

($1 = 3.6726 UAE dirham)

Our Standards: The Thomson Reuters Trust Principles.



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