Major Gulf bourses rise as recession concerns ease

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed


Aug 8 (Reuters) - Most Gulf stock markets rose in early trade on Monday, tracking oil prices higher as investors' risk appetite improved after data on U.S. jobs and Chinese exports eased recession concerns.

Brent crude futures was up 81 cents, or 0.9%, at $95.73 a barrel by 0638 GMT.

Saudi Arabia's benchmark index (.TASI) gained 0.5%, on course to end four sessions of losses. Retal Urban Development Co (4322.SE) advanced 1.3% and Saudi National Bank (1180.SE), the country's biggest lender, climbed 1.5%.

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The kingdom has registered a budget surplus of nearly 78 billion riyals ($21 billion) in the second quarter of 2022, the finance ministry said last week, an almost 50% rise from a year earlier, bolstered by high oil prices. read more

Saudi Arabia has pledged to "decouple" state spending from oil price fluctuations. Its expected surplus for 2022 - which would be its first in nearly a decade - will sit in the government's current account until the government's finance committee decides how to allocate it, likely early next year.

Dubai's main share index (.DFMGI) added 0.5%, led by a 0.7% rise in top lender Emirates NBD (ENBD.DU) and a 0.6% increase in blue-chip developer Emaar Properties (EMAR.DU).

In Abu Dhabi, equities (.FTFADGI) were up 0.5%, with conglomerate International Holding Co (IHC.AD) rising 1%.

The United Arab Emirates intends to invest $1 billion in Pakistani companies across various sectors, state news agency (WAM) reported citing an official source in Abu Dhabi. read more

The Qatari index (.QSI) added 0.6%, with Qatar Aluminium Manufacturing Co (QAMC.QA) jumping 5% after the firm reported a sharp rise in first-half profit.

Qatar's Central Bank foreign reserves and hard currency liquidity rose 2.79% year-on-year in July to 211.325 billion riyals ($57.90 billion), the Gulf state's official news agency QNA reported on Sunday.

($1 = 3.6500 Qatar riyals)

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Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.