Most Middle Eastern stocks gain

Most Middle Eastern stocks ended higher on Monday, reflecting positive global market sentiment cheered by a slowdown in coronavirus-related deaths and new cases. Saudi Arabia's benchmark index gained 1.6%, with Al Rajhi Bank rising 1.3% and oil giant Saudi Aramco increasing 1.4%.
The kingdom and Russia are close to a deal on oil output cuts to reduce a global glut, a top Russian oil negotiator said on Monday. Qatar's index advanced 2.6%, with all the stocks on the index ending higher including Qatar International Islamic Bank, which jumped 5.3%.
In Dubai, the index closed up 0.6%, helped by a 4.7% leap in blue-chip developer Emaar Properties. The group sold an 80% stake in its cooling business in the prime Dubai Downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675.2 million), the companies said on Monday. Tabreed was up 1%.
However, the index's gains were capped by losses at Dubai Islamic Bank (DIB), which sank 4.7% a day after the sharia-compliant lender said it has a $425 million exposure to troubled NMC Health, and its subsidiary Noor Bank a further $116 million. The Abu Dhabi index rose 1.3%, boosted by a 3.5% increase in the country's largest lender First Abu Dhabi Bank.
Abu Dhabi Commercial Bank (ADCB), which has a $981 million exposure to NMC Health, slid 5%. Outside the Gulf, Egypt's blue-chip index closed up 1%, with Commercial International Bank rising 2.1%.

Copyright Reuters, 2020

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