Most major Gulf markets firm up a day after retreat
- Saudi Arabia's benchmark index advanced 2%, boosted by a 2.6% jump in Al Rajhi Bank and a 1.8% increase in oil giant Saudi Aramco.
- Dubai's main share index closed up 0.6%, driven by a 1.3% rise in its biggest lender Emirates NBD Bank and a 6.7% jump in DAMAC Properties.
Most major Gulf markets ended higher on Monday, a day after a retreat in the region, with the Saudi index climbing following three sessions of losses, although Qatar traded flat.
Saudi Arabia's benchmark index advanced 2%, boosted by a 2.6% jump in Al Rajhi Bank and a 1.8% increase in oil giant Saudi Aramco, ahead of its earnings announcement on Tuesday.
Elsewhere, Al Etihad Cooperative Insurance climbed 10% to become the top gainer on the index, after it reported a sharp rise in third-quarter net profit.
Dubai's main share index closed up 0.6%, driven by a 1.3% rise in its biggest lender Emirates NBD Bank and a 6.7% jump in DAMAC Properties.
The Abu Dhabi index edged up 0.1%, helped by a 1.1% gain in Aldar Properties.
The cabinet of the United Arab Emirates plans to spend 26.04 billion dirhams ($7.1 billion) on social projects as part of its 2021 budget, the UAE government tweeted on Monday.
The budget includes 21.3 billion dirhams in government affairs and 3.93 billion dirhams in federal projects, it said.
In Qatar, the index traded flat, with Commercial Bank falling 2.3%.
Outside the Gulf, Egypt's blue-chip index slipped 0.3%, hurt by a 3.9% fall in lender Credit Agricole Egypt.
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