Most major Gulf markets gain as financials rise

Most major stock markets in the Gulf rose in early trade on Wednesday, supported by gains in their financial stocks, although Abu Dhabi bucked the trend to trade lower.

Saudi Arabia's benchmark index edged up 0.2%, helped by a 0.2% gain in Al Rajhi Bank and a 0.3% increase in Saudi Basic Industries.

The value of Saudi Arabia's oil exports in March rose by 75% year on year to 52.3 billion riyals ($13.95 billion), official data showed on Wednesday.

Non-oil exports increased by 42.9% to 22.4 billion riyals, the General Authority for Statistics said.

Dubai's main share index added 0.3%, with its top lender Emirates NBD gaining 1.2%, while sharia-compliant lender Dubai Islamic Bank was up 0.4%.

A judge in Abu Dhabi ruled in favour of Dubai Islamic Bank and against the administrators of NMC, in a case that could complicate the private healthcare firm's multi-billion-dollar debt restructuring.

NMC ran into trouble last year after the disclosure of more than $4 billion in hidden debt and its UAE operating businesses were placed into administration in the courts of Abu Dhabi's international financial centre ADGM.

In Abu Dhabi, the index fell 0.6%, hit by a 1.7% fall in its largest lender First Abu Dhabi Bank.

Meanwhile, the United Arab Emirates said vaccinations against COVID-19 will be mandatory for people attending all "live events" from June 6, as the country pushes a vaccination campaign which has consistently been one of the fastest in the world.

The Qatari benchmark added 0.4%, supported by a 3.2% increase in petrochemical firm Industries Qatar.