Most Gulf markets rise in early trade; Qatar flat
- The pandemic hit the Gulf state hard last year, both through the shock of low oil prices and the huge toll it took on vital non-oil economic sectors such as tourism.
Most stock markets in the Gulf region rose in early trade on Monday, with property and financial shares leading gains, although Qatar traded flat.
Saudi Arabia's benchmark index was up 0.1%, with Saudi Telecom Company rising 1.7% and Al Rajhi Bank up 0.2%.
However, Saudi Aramco was down 0.1%. The oil giant has hired banks to arrange its inaugural issuance of US dollar-denominated sukuk, as it seeks cash to fulfil large commitments to its major shareholder, the Saudi government.
In Dubai, the main share index rose 0.4%, supported by a 6.3% surge in developer Damac Properties and a 1% jump in blue-chip developer Emaar Properties after reporting a 250% surge in property sales in the first five months of 2021.
The builder of the world's tallest building, Dubai's Burj Khalifa, also hired banks for issuance of US dollar-denominated Islamic bonds, or sukuk, two sources close to the matter said last week.
The Abu Dhabi index edged up 0.1%, on course to extend the gains from previous session, with the country's largest lender, First Abu Dhabi Bank gaining 0.1%, and Abu Dhabi Islamic Bank advancing 0.4%.
Separately, The United Arab Emirates' non-oil private sector expanded for a sixth consecutive month in May, though at a slightly slower pace than in April, data showed on Thursday, while employment shrank for the fourth straight month.
The pandemic hit the Gulf state hard last year, both through the shock of low oil prices and the huge toll it took on vital non-oil economic sectors such as tourism.
Qatar's benchmark index, however, bucked the trend to trade flat, with Petrochemical maker Industries Qatar down 0.2%.
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