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Middle East

MIDEAST STOCKS Qatar gains as major Gulf markets rise

2 minute read

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


June 22 (Reuters) - Major Gulf markets rose in early trade on Tuesday, mostly lifted by financial stocks, while Qatar was boosted by its blue-chip shares.

The Qatari benchmark (.QSI), up 0.6%, saw broad-based gains, with telecom firm Ooredoo (ORDS.QA) jumping about 6%.

Qatar’s foreign minister on Monday received the new Saudi ambassador to Doha, the first to be reinstated by Arab states after they agreed to end a dispute with Qatar earlier this year.

Riyadh stands to benefit economically from the thaw with wealthy, gas-producing Qatar.

Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.7%, while Saudi National Bank (1180.SE), the kingdom's biggest lender, firmed 0.6%.

Yemen’s warring parties are thrashing out terms for a peace deal that would extricate the kingdom from a costly war and help alleviate a devastating humanitarian crisis, Reuters reported, citing two sources close to the talks and a Houthi official.

One of the sources said Riyadh was open to a deal but "would need some additional guarantees from Oman and Iran", both with close ties with the Houthis.

Dubai's main share index (.TASI) added 0.2%, helped by a 0.8% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.5% increase in budget airliner Air Arabia (AIRA.DU).

Dubai’s state airport operator is hoping for a “flood” of travellers as the pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year.

In Abu Dhabi, the index (.ADI) edged up 0.1%, with aquaculture firm International Holding (IHC.AD) gaining 0.6%.

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

Our Standards: The Thomson Reuters Trust Principles.

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