Most major stock markets in the Gulf rose in early trading on Monday, fuelled by China’s latest economic stimulus initiatives.
China’s State Council on Sunday unveiled what it called a “special action plan” to boost domestic consumption, featuring measures including increasing residents’ income and establishing a childcare subsidy scheme.
This came just days after the country’s financial regulator promised to relax consumer credit quotas and loan terms as it offers long-term backing to make available large sums.
Saudi Arabia’s benchmark index rose 0.3%, with top lender Saudi National Bank rising 1.3% and Alinma Bank putting on 1%.
Alkhorayef Water and Power Technologies advanced 5% following a contract for operation and maintenance of water treatment plants worth 58.8 million riyals ($15.68 million).
Elsewhere, Arabian Co For Agricultural And Industrial Investment (Entaj) soared 30% - the maximum daily limit allowed for newly-listed stocks during their first three days of trading - to 65 riyals in its debut.
Most Gulf markets end higher on US inflation data
Meanwhile, Dubai’s main share index also added 0.3%, with blue-chip developer Emaar Properties increasing 1.2% and utility firm Dubai Electricity and Water Authority climbing 1.2%.
National Central Cooling rose 1.5% after entering an agreement to provide district cooling to Palm Jebel Ali. The 1.5 billion dirhams ($408.46 million) project will be executed in multiple phases through a joint venture.
In Abu Dhabi, the benchmark index was up 0.2%.
The Qatari index, however, was flat in a choppy trade.
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