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Markets

Most markets gain as financials rise; Qatar eases

  • In Abu Dhabi, the index added 0.3%, helped by a 0.3% increase in the country's largest lender, First Abu Dhabi Bank.
Published December 9, 2020

Most Gulf stock markets rose in early trade on Wednesday, supported by gains in financials, while petrochemical firm Industries Qatar dragged down Qatari stocks.

Saudi Arabia's benchmark index rose 0.4%, with Al Rajhi Bank gaining 0.5% and petrochemical maker Saudi Basic Industries up 0.7%.

Oil giant Saudi Aramco and energy services company Baker Hughes formed a 50/50 joint venture, Novel, to develop a broad range of non-metallic products for multiple applications in the energy sector.

However, Aramco was flat in early trade.

Dubai's main share index gained 0.8%, with blue-chip developer Emaar Properties rising 1.7%, while sharia-compliant lender Dubai Islamic Bank traded 0.8% higher.

In Abu Dhabi, the index added 0.3%, helped by a 0.3% increase in the country's largest lender, First Abu Dhabi Bank.

Meanwhile, the United Arab Emirates appreciated efforts by Kuwait and the United States to strengthen Gulf Arab unity, a senior Emirati official said on Tuesday in a reference to a row with Qatar that Washington says hampers a united Gulf front against Iran.

Kuwait and Saudi Arabia said last Friday that progress had been made towards resolving the dispute that has seen Saudi Arabia, the UAE, Bahrain and Egypt sever diplomatic, trade and travel ties with Qatar since mid-2017.

The Qatari index, however, fell 0.1%, hurt by a 1.3% drop in Industries Qatar.

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