Saudi Arabia's stock market climbed to a five month high on Wednesday, while most major Gulf markets also gained as oil prices rose 2 percent on optimism over US-Chinese trade talks. Both crude price benchmarks added to Tuesday's gains and have now been on the rise for eight straight days - their longest rally since June 2017.
The Saudi index rose 1.1 percent, helped by bank and petrochemical stocks. Market heavyweight Saudi Basic Industries added 1.5 percent and Al Rajhi Bank was up 1.4 percent. Al Ahsa Development gained 2 percent after signing an agreement to buy a 25 percent stake in Twareat Medical Center for 15 million riyals ($4 million).
Qatar's index was up 0.7 percent, lifted by gains in Qatar Islamic Bank and Industries Qatar, which rose 1.8 percent and 1.2 percent, respectively. The Egyptian blue-chip index edged down 0.3 percent, pressured by its biggest listed lender, Commercial International Bank, which slid 2.1 percent. Commercial International has the biggest weighting in the index.
The Dubai index climbed 0.4 percent, aided by property shares. The emirate's largest listed developer, Emaar Properties, added 2 percent and Dubai Investments rose 0.8 percent. Dubai's weak real estate market was a big drag for property stocks last year. The downturn is forcing construction and engineering firms to cut jobs and halt expansion plans, raising risks for the wider economy.
Abu Dhabi's index was up 0.5 percent, with the region's largest bank, First Abu Dhabi Bank, rising 0.8 percent, and Emirates Telecommunications edging up 0.4 percent.
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