Dubai leads major Gulf markets up as financials rise

Major stock markets in the Gulf rose in early trade on Wednesday, with financial shares boosting the Dubai index.

Saudi Arabia's benchmark index edged up 0.2pc, supported by a 0.8pc gain in Jabal Omar Development and 0.2pc increase in Al Rajhi Bank.

However, the index's gains were capped by losses at oil behemoth Saudi Aramco, which declined 0.8pc.

Rosneft and Saudi Aramco are unlikely to bid in the privatisation of Indian refiner Bharat Petroleum Corp, Reuters reported on Wednesday, citing sources familiar with the matter, as low oil prices and weak demand curb their investment plans.

Dubai's main share index gained 0.8pc, with Emirates NBD Bank rising 2.4pc and logistic firm Aramex jumping 3.3pc.

The Abu Dhabi index rose 0.1pc, with Emirates Telecommunications gaining 0.5pc, while Abu Dhabi National Oil Company for Distribution advanced 2pc after approving payment of an interim cash dividend of 10.285 fils per share for the first six months of 2020.

In Qatar, the index added 0.6pc, led by a 2.1pc rise in Qatar Fuel and a 0.9pc increase in Qatar Islamic Bank.

Kuwait is closed following the death of its Emir Sheikh Sabah al-Ahmad al-Sabah.

The Gulf state's 91-year old emir died on Tuesday, plunging his country into mourning for a leader regarded by many Gulf Arabs as a savvy diplomatic operator and a humanitarian champion.

In the previous session, Kuwaiti stocks were hit hard with the benchmark premier index retreating 2.2pc, its biggest intraday fall since April, ahead of the official announcement of the emir's death.