Major Gulf bourses gain as financials lead

Major Gulf stock markets edged higher in early trade on Tuesday, helped by financial shares, with Dubai on track to end three sessions of losses.

Saudi Arabia's benchmark index increased 0.6pc, with Al Rajhi Bank rising 0.9pc and telecoms firm Etihad Etisalat jumping 5.1pc.

Dubai's main share index gained 0.6pc, led by a 1.2pc rise in sharia-compliant lender Dubai Islamic Bank and a 1pc increase in Emirates NBD Bank.

The Abu Dhabi index edged up 0.2pc, supported by a 0.2pc gain in the country's largest lender First Abu Dhabi Bank.

The United Arab Emirates has resumed granting work permits for foreigners employed by government and semi-government entities as well as entry permits for domestic workers, the National Emergency Crisis and Disaster Management Authority said in a Twitter post on Monday.

The UAE had suspended in March the issuance of all types of labour permits as part of measures to contain the spread of the novel coronavirus.

In Qatar, the index added 0.3pc, with petrochemical maker Industries Qatar risingn0.9pc and Commercial Bank was up 1.4pc.