DUBAI: Major Gulf stock markets registered sharp gains on Thursday, boosted by financials, with Qatar outperforming the region after it approved a bill to allow non-Qatari investors to own up to 100% of listed companies’ capital.
In Qatar, the benchmark closed 2.8% higher, its biggest intraday gain since last April, with banks leading the gains.
Qatar Islamic Bank leapt 8.3%, and Commercial Bank surged 10%, to become the top gainer on the index.
The cabinet also decided to keep central bank liquidity support for local banks based on need as the country faces a second wave of coronavirus infections.
Saudi Arabia’s benchmark index gained 1.4%, reflecting the sentiment seen in the US stock exchanges on Wednesday.
Al Rajhi Bank advanced 2.6%, and Saudi National Bank, the kingdom’s largest lender, leapt 3.6%.
In Dubai, the main share index finished 2.5% higher, with blue-chip developer Emaar Properties jumping 6%, while Emirates NBD Bank added 2.1%. Elsewhere, budget airliner Air Arabia climbed 6.4%.
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