Most major Gulf markets gain as financial shares rise
- Saudi Arabia's benchmark index gained 0.3pc, with Riyad Bank rising 2.3pc and Al Rajhi Bank gaining 0.5pc.
Most major Gulf bourses rose in early trade on Wednesday, helped by gains in financial shares, although the Abu Dhabi index bucked the trend to trade flat.
Saudi Arabia's benchmark index gained 0.3pc, with Riyad Bank rising 2.3pc and Al Rajhi Bank gaining 0.5pc.
The biggest drag on the index was Petrochemical maker Saudi Basic Industries (SABIC), which slipped 0.5pc, as the world's fourth-biggest petrochemicals firm picked banks to arrange a US dollar denominated bond issue, Reuters reported, citing two sources.
The Dubai index rose 0.3pc, helped by a 1pc gain for Emirates NBD Bank and a 0.7pc rise for Emaar Properties.
Elsewhere, Union Properties advanced 2.3pc.
The real estate developer on Tuesday said it is planning to list three of its subsidiaries on the Dubai Financial Market.
In Abu Dhabi, the index was flat, with Emirates Telecommunications losing 0.2pc.
An increase in the number of coronavirus cases over the past two weeks is "alarming" and may herald further increases in the near future, the United Arab Emirates' health minister said on Tuesday.
New daily coronavirus cases in the UAE peaked in mid-May but the country has seen periodic spikes since then, despite a generally falling trend.
The Qatari index added 0.2pc, supported by a 1.3pc increase in Qatar International Islamic Bank and a 1.7pc gain in Qatar Insurance Company.
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