Mideast Stocks: Saudi leads major Gulf markets higher
17/10/2021 09:10
Oct 17 (Reuters) - Major stock markets in the Gulf rose in
early trade on Sunday amid strong oil prices, with the Saudi
index outperforming the region as the country eased coronavirus
curbs.
The kingdom is rolling back COVID-19 restrictions from Oct.
17 in response to a sharp drop in daily infections and a
considerable development in vaccinations. urn:newsml:reuters.com:*:nL1N2RB14Z
The authorities also cancelled curbs on fully vaccinated
people at closed venues, restaurants and cinemas, and on
transportation.
Saudi Arabia's benchmark index .TASI gained 0.5%, with Al
Rajhi Bank 1120.SE rising 0.5%, while Jabal Omar Development
4250.SE , one of Saudi Arabia's largest-listed property
developers, advanced 2.7%.
Saudi non-oil exports were up 37% to 125.3 billion riyals
($33.4 million) in the first half of 2021, state news agency SPA
reported on Friday.
Oil prices settled at a three-year high above $85 a barrel
on Friday, boosted by forecasts of a supply deficit in the next
few months as the easing of coronavirus-related travel
restrictions spurs demand. urn:newsml:reuters.com:*:nL1N2RB07R
In Abu Dhabi, the index .ADI added 0.3%, supported by a
2.3% rise in Abu Dhabi Commercial Bank ADCB.AD and a 0.2%
increase in the country's largest lender First Abu Dhabi Bank
FAB.AD .
Conglomerate International Holding Co (IHC) IHC.AD plans
to list subsidiary Multiply, a holding company that invests in
tech-focused businesses, on Abu Dhabi's main stock market this
year, IHC's chief executive said. urn:newsml:reuters.com:*:nL8N2RA3UU
Shares of IHC were flat.
Dubai's main share index .DFMGI rose 0.3%, with blue-chip
developer Emaar Properties EMAR.DU up 0.5% and its unit Emaar
Malls EMAA.DU climbing 2.1%.
UAE Energy Minister Suhail al-Mazrouei said the oil-rich
Gulf is continuing to invest in the energy sector to meet
growing demand and ensure stability in global markets.
urn:newsml:reuters.com:*:nS8N2OK07V
The Qatari benchmark .QSI was up 0.3%, led by a 0.7% rise
in Qatar National Bank QNBK.QA and a 0.4% gain in Vodafone
Qatar VFQS.QA as the telecom firm reported a strong nine-month
profit. urn:newsml:reuters.com:*:nFWN2RA1IB
(Reporting by Ateeq Shariff in Bengaluru; Editing by Jan
Harvey)
((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))