A trader looks at share prices on an electronic display at the Doha Stock Exchange, Qatar January 18, 2016. REUTERS/Naseem Zeitoon
Most major stock markets in the Gulf rose in early trade on Tuesday, with the Saudi index leading gains on rising oil prices, while Qatar traded flat.
Oil, a key catalyst for the Gulf's financial markets, extended gains as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia.
Brent crude oil futures were up 33 cents, or 0.5%, at $69.79 a barrel by 0644 GMT.
Saudi Arabia's benchmark index (.TASI) gained 0.9%, with Al Rajhi Bank (1120.SE) advancing 2.2%, while Saudi National Bank (1180.SE), the kingdom's largest lender, climbed 1.5%.
Dubai's main share index (.DFMGI) edged up 0.1%, helped by a 4.6% jump in Air Arabia (AIRA.DU), a day after the budget airliner announced launch of new flights to Sharm El Sheikh from Sharjah starting June 29.
Dubai on Monday eased COVID-19 restrictions, allowing hotels in the regional tourism hub to operate at full capacity and permitting concerts and sports events where all attendees and participants have been vaccinated. read more
The emirate has pushed to keep its economy, which relies on international trade and business, open through the pandemic after an initial lockdown. The emirate is due to host the Expo 2020 world fair in October, hoping to attract millions of overseas visitors.
However, the index's gains were capped by losses at Emirates NBD Bank (ENBD.DU), which was down 1.2%.
The lender has hired banks to arrange the sale of U.S. dollar-denominated Additional Tier 1 bonds that will be non-callable for six years, Reuters reported on Tuesday, citing a document. read more
In Abu Dhabi, the index (.ADI) lost 0.2%, hit by a 1.7% fall in aquaculture firm International Holding (IHC.AD).
The Qatari index (.QSI) traded flat, as gains in real estate shares were offset by declines in petrochemical stocks.
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May 18, 2021 at 04:32PM
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MIDEAST STOCKS Saudi rises in early trade on oil boost; Qatar flat - Reuters
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