Most major Gulf markets rise as financials gain

Most major Gulf stock markets rose in early trade on Sunday, supported by gains in financial stocks, though Qatar bucked the regional trend to trade lower.

Saudi Arabia's benchmark index was up 0.3pc, with Al Rajhi Bank and petrochemicals maker Saudi Basic Industries up 0.5pc and 0.8pc respectively while retail company Savola Group advanced 1.6pc on a sharp rise in second-quarter profit.

The Dubai index gained 0.6pc, helped by a 1pc gain for Emirates NBD Bank and a 0.7pc rise for Emaar Properties.

Union Properties rose 1.8pc after the real estate developer reduced its second-quarter loss to 38.6 million dirhams ($10.5 million) from 84.1 million dirhams a year earlier.

However, DXB Entertainment dropped 0.8pc after second-quarter losses widened to 258 million dirhams from 233 million dirhams a year earlier.

The Abu Dhabi index added 0.2pc, helped by a 0.5pc rise in the country's largest lender, First Abu Dhabi Bank, and a 1.3pc gain for Abu Dhabi Islamic Bank.

Dana Gas, however, retreated 1.4pc. The United Arab Emirates-based energy company on Thursday posted a first-half loss of 69 million dirhams, which included a $37 million impairment charge related to oil and gas assets in Egypt.

In Qatar, the index eased 0.1pc. Lender Masraf Al Rayan lost 0.5pc, while Qatar National Bank, the Gulf's largest lender, was down 0.3pc.