MIDEAST STOCKS Most major Gulf markets rise; Qatar dips

Most major stock markets in the Gulf rose in early trade on Sunday, with property shares boosting the Dubai index, although Qatar bucked the trend to trade lower.

Saudi Arabia’s benchmark index (.TASI) added 0.6%, with Al Rajhi Bank (1120.SE) rising 1.4% and SABIC Agri-Nutrients Co (2020.SE) advancing 3.9%.

Elsewhere, Bank Albilad (1140.SE) climbed 1%, as the lender completed a 3 billion riyal sukuk offering.

Dubai’s main share index (.DFMGI) rose 0.7%, led by a 2.3% rise in Emaar Properties (EMAR.DU) and a 3.2% jump in Emaar Malls (EMAA.DU).

Emaar Properties, Dubai’s largest listed real estate developer, will go ex-dividend on Tuesday.

The managing director of Emaar said earlier this month that the company had first-quarter sales of 6 billion dirhams, up from 2.5 billion dirhams a year earlier.

In Abu Dhabi, the index (.ADI) rose 0.8%, buoyed by a 7.6% surge in aquaculture firm International Holding (IHC.AD).

International Holding has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials, positioning it for long-term growth.

The Qatari index (.QSI) fell 0.7%, with Commercial Bank (COMB.QA) shedding 3.3%, while petrochemical firm Industries Qatar (IQCD.QA) retreated 1.2%.

In the previous, Qatar’s index saw its biggest intraday gain in over a year after its cabinet approved a bill to allow non-Qatari investors to own up to 100% of listed companies’ capital.

The cabinet also decided to keep central bank liquidity support for local banks based on need as the country faces a second wave of coronavirus infections.

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/world/middle-east/mideast-stocks-most-major-gulf-markets-rise-qatar-dips-2021-04-18/